Greater Manchester Pension Plan, Ashton-under-Lyne, Lancashire, England, is undergoing a structural review, conducted by Tameside Borough Council.
Phillips & Drew manages a £2.5 billion ($3.7 billion) balanced portfolio for the £6.1 billion fund, and £1.1 billion is managed in-house in venture capital and property portfolios. Trustees recently appointed Chase Asset Management as interim manager for another £2.5 billion balanced portfolio, replacing Prudential Portfolio Managers, which withdrew from institutional asset management earlier this year. Trustees rejected Prudentials offer of transferring the portfolio to Deutsche Asset as they did not want to churn the assets before the review was completed, said Colin Standish, investments officer. Chase Manhattan Bank Global Investor Services is custodian.
Plan trustees will decide within two to three months whether to make any manager changes.
Hymans Robertson is assisting.