Merseyside Pension Fund, Liverpool, England, plans to search for managers after officials for the £3.1 billion ($4.6 billion) plan decided to use more external specialist managers and move away from its mostly internally managed strategy, plan officials announced today. The search will begin soon after Mercer Human Resources Consulting completes an asset allocation review, and proposals will be due in October, said Owen Thorn, settlements assistant.
"Chances are it will be along the lines of having a U.K. equities portfolio, a European equities portfolio, and some fixed interest and a passive element, Mr. Thorn said.
Current external money managers Lombard Odier International, which runs a European small-cap equity portfolio, and UBS Global Asset Management, which runs a small fixed-income portfolio, may be asked to rebid, Mr. Thorn said. Further details were not available.