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.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.