UK - The London Borough of Brent pension fund is to tender a global equities mandate worth £130m, currently managed by Bank of Ireland Asset Management (BIAM).
“Bank of Ireland has been suffering difficulties in terms of performance and staff turnover, but we have asked them to re-tender because they have a terrific long term record,” said London Borough of Brent CIO Martin Spriggs.
The mandate, which is to be revised to include UK equities, has not been tendered for six years.
A spokeswoman for BIAM confirmed it had been invited to participate in the forthcoming search process, but declined to comment further.
Instability of personnel and weak performance in EAFE and US equities have led the once strong value manager to lose large chunks of business from US, UK and Australian pension funds over the last 18 months.
Earlier this month, Bank of Ireland said it expected to incur outflows in the order of e4bn by the end of the third quarter.
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point