The £330m London Borough of Waltham Forest Superannuation Fund has placed two of its current managers, Deutsche Asset Management (DeAM) and CCLA Investment Management (CCLA), under review.
According to Malcolm Smith, finance manager, a review is carried out of the two worst performing managers on a six- monthly basis.
Peter Sedgwick, pensions manager for the Walthamstow-based fund, added that the performance of both managers’ had “some variance over the last quarter”. He declined to be more specific.
Both DeAM and and CCLA are to be interviewed by the council’s investment panel on June 5, 2001. Sedgwick added that until this meeting the decision on whether to tender the mandates could not be finalised.
DeAM has a £110m mandate and CCLA has £105m. Phillips & Drew has the remaining £115m. All mandates are balanced active.
By Madhu Kalia