London Borough of Bromley opens search for multiasset managers

London Borough of Bromley Pension Fund, London, is looking for multiasset managers, according to a notice on European procurement website, Tenders Electronic Daily.

The 944 million ($1.2 billion) defined benefit plan expects to hire two firms to manage a combined 158.5 million allocation.

The investment subcommittee agreed in early April to revise the pension fund's allocation due to projected cash-flow shortfalls. The revised strategy reduced exposure to global equity to 60% from 70% and fixed income to 15% from 20%, and added income-generating allocations to multiasset funds and property.

According to the pension fund's minutes from a May 16 meeting, the multiasset funds will constitute 16.8% of its strategic allocation.

AllenbridgeEpic Investment Advisers is conducting the search. The managers' contracts will last three years and could be extended for an additional five years.

Spokesmen for the pension fund and consultant could not be reached to provide more details by press time.

Applications should be submitted by Aug. 22 at noon British Summer Time.