UK - Powys County Council has put half of its £162m pension fund up for tender, following a review conducted by its consultant, Watson Wyatt.
The fund is looking to hire managers for an active global equities mandate and an active global fixed income brief. The chosen managers will be awarded three year contracts, with an option for a year’s extension. The search closes at the start of the third quarter and appointments are expected by the start of the fourth quarter.
The review - and the subsequent move to specialist management - follows Powys dropping Baring Asset Management (BAM) and Lombard Odier due to performance reasons.
John McNeil, assistant county treasurer, said that prior to its termination BAM ran a £25m overseas equities portfolio whilst Lombard Odier held a £25m active mandate.
Barclays Global Investors (BGI) is temporarily managing the whole fund until new asset managers are appointed. Prior to the termination of BAM and Lombard Odier, BGI ran 70% of the fund on a passive multi-asset basis.
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