Norfolk County Council Pension Fund, Norwich, England, is searching for providers of transition management and implementation services for a new framework, said a spokeswoman for the council.
The search is being conducted on behalf of the council's £2.9 billion ($3.8 billion) local government pension scheme and those of four other individual funds, as well as the London Collective Investment Vehicle, which had £3.5 billion in assets as of March 31 and manages pooled investments of LGPS funds, and the £28 billion asset pool Brunel Pensions Partnership.
The search is part of the National LGPS Frameworks, a not-for-profit program that was created by the LGPS funds in order to "facilitate the efficient procurement of high-quality, value for money, specialist pension fund services," said an email provided by the spokeswoman. The new framework will add to existing panels already in place, including those covering actuarial, benefits and governance consultancy services; global custody services; and passive investment management services.
The framework will be split across three contracts. The first is for transition management and implementation services, to which a maximum of five will be hired for the panel. The councils are also searching for up to eight providers of transition management. The final contract is for up to 10 providers of transition management advisory services.
The spokeswoman added that the intention is for the hires to be made toward the end of the year. Proposals are due Oct. 10. Further details are available on Norfolk council's e-sourcing website. Registration is required
The search is also being conducted on behalf of the £1.7 billion Bedfordshire Pension Fund, Bedford; the £1.9 billion Dyfed Pension Fund, Carmarthenshire; the £3.6 billion Derbyshire County Council Pension Fund, Matlock; and the £2.6 billion Suffolk Pension Fund, Suffolk.