London Borough of Islington issued an RFP for a manager to run £120 million ($180 million) in global ex-U.K. equities, said Mary Hawkins, finance director. The search is the result of a review of the £347 million schemes funding position and investments, completed in February, that prompted a "program of asset sales, Ms. Hawkins said; she declined to provide further details. Proposals are due May 5.
It is unclear how the present tender will affect the plans current balanced managers, which include Framlington Group, Insight Investments and UBS Global Asset Management.
Mercer Human Resource Consulting advised.