UK - The £660m Warwickshire Pension Fund is expected to put its entire portfolio out to tender following a review of its investment strategy and structure.
Assets are currently split between Henderson Global Investors and UBS Asset Management.
The fund has decided to put tenders out for a £150m passive investment manager, a £210m active UK equity manager, a £200m active global equity manager and a £100m active bond manager.
“This decision follows a review of investment strategy and structure, and reflects a move towards more specialist management. It does not reflect any dissatisfaction with the Fund’s current investment managers,” the fund said.
The local authority is being advised by Mercer Investment Consulting and the new management arrangement is expected to be in place by October 2004.
The fund has also tendered for a global custodian, with the deadline for tender on February 29, 2004.
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