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.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.
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