The London Borough of Lewisham Superannuation Fund, London, issued RFIs for at least one manager each to run a £100 million ($195 million) active global equity mandate and a £20 million hedge fund-of-funds portfolio, confirmed Andy Murray, procurement consultant for the £715 million fund.
Assets for the new portfolios will come from reducing U.K. equities to 25% of total assets from 42%, according to a Jan. 24 pensions investment committee report.
As a result of the reallocation, two active U.K. equity portfolios managed by Capital International and UBS Global Asset Management were being terminated. Information on how much each manager ran the portfolios was not available at press time. UBS was appointed transition manager for the reallocation, according to the report.
UBS retains a fixed-income portfolio and a passive U.K. equity strategy. Information on the sizes of those portfolios was not available at press time.
Proposals are due March 25. Managers are scheduled to be appointed by the end of the year, Mr. Murray said. Consultant Hymans Robertson advised.