US - The Federal Retirement Thrift Investment Board plans to issue requests for proposals for managers to run its $150bn in external assets currently managed by BlackRock.
The Board oversees the assets for the Thrift Savings Plan, the $287bn pot of defined contribution assets meant to secure the retirement of federal employees. Some $137bn is managed internally in a fund that invests only in short-term US Treasury securities, while the rest is managed in four separate funds all run by BlackRock. The firm is welcome to rebid.
Tom Trabucco, spokesman for the Board said the RFPs are regularly issued every five or six years. He expects these next ones to be issued in 2012, but did not provide an exact date. Trabucco said they could hire up to four managers per fund.
The C Fund is the largest with $78.2bn in assets. The common stock index fund invests in an S&P500 tracker.
The Thrift Savings Plan also offers the $27bn S Fund, a small-cap fund that tracks the Dow Jones US Completion Total Stock Market index.
The third fund is the $24.4bn I Fund, an international fund that replicates the Morgan Stanley Capital International EAFE index.
The final fund is the F Fund, which manages $20.4bn in assets and invests in a bond index fund tracking the Barclays Capital US Aggregate Bond index.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.