Berkshire Pension Fund, Maidenhead, England, issued an RFP for a global equities manager to run up to £80 million ($127 million), said Jack Johnson, council fund manager. The £800 million scheme will fund the portfolio by reducing a £100 million U.K. equities portfolio run by J.P. Morgan Fleming Asset Management. "We commissioned an asset-liability study last year and the advice is we are too heavily weighted in U.K. equities, Mr. Johnson said. Proposals are due April 15; a selection is expected by October.
The scheme reduced its U.K equity allocation to 60% of total assets, from 70%; the allocation will eventually be reduced to 50%, he said. The plans other equity managers Wellington Management International for U.S. equities, Schroder Investment Management for Japanese equities, and Gartmore Investment Management for European equities would remain unchanged, Mr. Johnson said.
Hymans Robertson is advising.