UK - A local authority fund is tendering two specialist briefs, one of which is currently held by Schroder Investment Management.
The £624m Shropshire County Council Pension Fund is seeking a manager for a £30m emerging markets portfolio managed by Schroder. The other is a £20m private equity fund of funds brief - Shropshire’s first foray into the asset class.
The moves are part of a triennial review at the Shrewsbury-based fund. But a source at Shropshire added that Schroders’ performance was a factor in the decision to put out the portfolio, although the fund manager will be invited to reapply. Schroders retains Japanese and Pacific equity (excl. Japan) mandates for the fund worth a combined £30m. Shropshire said that it had no concerns around these.
Shropshire also employs the following managers - Barclays Global Investors (UK equities, £77m); Deutsche Asset Management (UK equities, £96m); Gartmore Investment Management (£126m, passive UK equities); Henderson Global Investors (fixed income, £110m); Merrill Lynch Investment Managers (European equities, £43m); JP Morgan Fleming Asset Management (US equities £40m), and Atlantic Fund Managers (property unit trusts, £33m). Gartmore also oversees a number of overseas indexed portfolios as part of its rebalancing strategy.
Deadline for applications is April 5.
Shropshire aims to have both briefs up and running by the beginning of July.
Frank Russell advises.
By Madhu Kalia
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