London borough to create list of active long-only global equity firms
By Thao Hua | July 19, 2012 1:45 pm
London Borough of Barking & Dagenham Pension Fund issued an RFI for managers to be included on a preapproved list to run £75 million ($118 million) to £150 million in long-only active global equity, said David Dickinson, group manager for pensions and treasury.
Funding will come from terminating Goldman Sachs Asset Management, which ran £180 million in a quantitative equity portfolio.
Mr. Dickinson said the £580 million pension fund is changing its investments strategy; the termination is not because of performance.
Pension fund executives have not decided what portion of GSAM's portfolio will be used to fund the new global equity strategy, but the remainder probably would be moved to an absolute-return strategy.
Further information can be obtained from consultant Hymans Robertson via e-mail at BarkingGESearch@hymans.co.uk. Proposals are due by Aug. 16, and managers are expected to be selected by the end of the year.