West Sussex County Council Superannuation Fund, Chichester, England, is looking for a manager to handle a £400 million ($597 million) balanced portfolio now run by Phillips & Drew. A decision is expected by the end of the year.
Despite concerns over Phillips & Drews performance, the manager will be allowed to re-apply for the mandate, said Rosemary Burfoot, group technical accountant for the £850 million fund. There is no presumption for change, she added.
The client has always been sympathetic to our views, but clearly at the end of the day it does come down to performance, which is on a steadily improving trend, said Mark Powers, fund director for Phillips & Drew.