Highland Council Pension Fund, Inverness, Scotland, issued RFPs for U.K. fixed-income, global equity and real estate managers, said Brian Williams, head of fund accounting. He expects to finalize the benchmarks and portfolio sizes after the proposals are submitted. Following an investment review conducted by actuary Hymans Robertson, officials for the £400 million ($639.4 million) scheme decided to move to a specialist money manager structure, he said.
As a result, Baillie Giffords £100 million balanced portfolio will be restructured: The manager will run £72 million in global equities, and the remaining £28 million will fund the U.K. fixed-income search, Mr. Williams said. The balance of funding will come from the termination of Rothschild Asset Management, which ran £300 million in a balanced portfolio; those assets are temporarily parked in a passive balanced portfolio run by Legal & General Investment Management pending the results of the searches. Proposals are due in June.