The £258 million ($454 million) Isle of Wight Council Pension Fund, Newport, England, issued RFIs for managers to run five new mandates, according to an advertisement on Tenders Electronic Daily, a European public procurement platform.
The mandates include an active global equity strategy for up to 50% of the funds total assets; an active U.K. equity strategy for up to 40% of assets; a passive multiasset portfolio that may total up to 40% of assets; an active bond mandate accounting for up to 30% of assets; and an active pooled real estate mandate that could comprise up to 20% of the fund, according to the notice.
According to the funds latest financial statements, as of March 31, Schroder Investment Management managed the entire portfolio in a multiasset portfolio 71.6% of which was invested in equities. Bonds accounted for 17.1%, while real estate comprised 6.6% of total assets. The remainder was in cash. The fund beat its custom benchmark by about 50 basis points to return -3.1% for the year, according to the report.
Proposals are due Nov. 10. Consultant Hymans Robertson advised. David Burbage, director of finance for the fund, could not be reached by press time for further information.