UK - Cambridgeshire County Council has placed £700m (€942m) of equity portfolios out to tender after reporting dissatisfaction with its previous asset managers UBS and Schroders.
John Hopwood, chief loans and investments officer, Cambridgeshire County Council, said: "UBS and Schroders performance were significantly below benchmarks - in the region of 2% per annum in the case of UBS and 1% for Schroders."
He added the pension fund had been unhappy with the performance of both asset mangers for a period of several years and the decision to place the mandates out to tender was not motivated by sub-prime related corporate losses.
Hopwood said the main criteria for potential asset managers was the ability to deliver strong, benchmark exceeding returns and the fund had no particular interest in pursuing environmental, social or governance (ESG) issues in its investments.
The council's £1.4bn pension fund provides retirement benefits to approximately 10,000 public sector retirees and has around 20,000 contributors. Its custody services are provided by BNY Mellon.
A spokeswoman for Schroders said: "As part of a change in the pension fund investment strategy to a more specialist structure, Cambridgeshire County Council has taken the decision to restructure its management of European equities. Schroders continues to manage a UK and overseas equity and bond portfolio and a property mandate." UBS declined to comment.
The London Borough of Enfield has also placed the custody mandate for its pension fund out to tender. Custody is currently provided by Hewitt.
An analysis of IGC annual reports finds some lacking in information on value for money, costs and charges, and investment performance. James Phillips explores the findings
A new cost transparency solution is being developed for pension schemes by a financial services technology firm.
Supermarket giant Asda's plans to reform its pensions have been decried as "unfair, unreasonable and unnecessary" as the workers' union began talks with the employer.
The Pensions Administration Standards Association (PASA) has launched a checklist to help trustees with the rectification process for guaranteed minimum pensions (GMP).