UK - The £2.8bn Merseyside Pension Fund is set to tender a passive portfolio worth around £840m following a best value review.
The local authority scheme decided to diversify its asset management structure by shifting management of the passive portfolio from the in-house investment team to an external manager.
Senior investment officer Alan Borrows said the transfer of risk from the in-house team to an external manager as well as cost considerations also played a major role in the decision to outsource the brief.
He added that the fund is expected to have a beauty parade towards the end of January and hopes to appoint a new investment manager by the end March, 2002.
Apart from the in-house team, Merseyside’s remaining assets are split between Tilney Investment Management, Phillips & Drew, LionTrust Baring Asset Management and Friends Ivory & Sime.
It is not clear at this stage how the current manager roster will be affected by the move.
By Janet Du Chenne
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.