Lincolnshire County Council Pension Scheme, Newland, England, is searching for a global fixed-income manager to run £120 million ($186 million), said Ralph Gould, county treasurer. Morley Fund Management, which runs £60 million in fixed income for the £740 million plan, was asked to rebid, Mr. Gould said.
The move resulted from an asset-liability study by consultant Hymans Robertson. "The review recommended we increase our fixed-income weighting from 9.5% to 18%, with the bulk of the increase allocated to corporate bonds,” Mr. Gould said.
Proposals are due by January, and Mr. Gould said scheme officials plan to make a selection in April.
The scheme also will review its equities portfolio, including appointing a global equities specialist, but Mr. Gould said the scheme would not conduct a search until later.
