UK - The £1bn Greater Gwent pension fund said it has tendered for new pension fund management services because it was unhappy with current provider Threadneedle
Greater Gwent council assistant finance director Graeme Russell confirmed the fund was seeking new applications for its £320m UK equities active investment management portfolio, citing performance-related issues with Threadneedle.
“I think there were a couple of things. As with most pensions funds we review overall fund performance on a regular basis, and where we feel there is opportunity to improve the investment returns, then we will look to make appropriate changes. And as a result of that we decided we needed to do something slightly different in this area.”
When asked if the fund was happy with Threadneedle performance, Russell replied: “If we were totally happy with their performance, we would not to do anything with the mandate.”
Bfinance are the consultants on the mandate, and the deadline for applications will be just before Christmas, said Russell.
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