Shropshire County Pension Fund, Shrewsbury, England, issued an RFI for a passive global equity manager to initially run a portfolio valued at about £220 million ($335 million), said Justin Bridges, the £1.1 billion pension fund's treasury and pensions service manager.
The move is part of a broader restructuring of the equity portfolio, which constitutes 52% of total assets. The strategy will be split between U.K. equities, which account for about 10% of total assets, and global equities, which make up the remainder of the portfolio, Mr. Bridges said. Previously, the equity portfolio was divided more regionally to include U.K., U.S., Europe, Asia-Pacific, Japan, emerging markets and global allocations, according to annual report for the year ended March 31, 2012.
As of March 31, Majedie Asset Management ran £160 million in U.K. equities, Goldman Sachs Asset Management had a £110 million U.S. equities portfolio, and Legal & General Investment Management handled a £78 million European equities strategy.
Also, Martin Currie Investment Management, F&C Asset Management and Baillie Gifford & Co. managed £50 million in Asia-Pacific equities, £48 million in emerging markets equities and £47 million in Japan equities, respectively.
And MFS Investment Management had a £107 million global equities portfolio.
Further information about which existing equity portfolios might be reduced or terminated as a result of the strategic restructuring was not available.
Proposals are due March 27. Decisions are expected around September, Mr. Bridges said.