London Borough of Harrow Pension Fund is searching for three equity managers to run a combined £300 million ($516.1 million), said Jennifer Hydari, divisional director of finance and procurement.
The £440 million fund is looking for two active global equities managers to run a total of £190 million, and one firm to run £110 million in passive U.K. equities.
UBS Global Asset Management and Baillie Gifford run £59 million and £74 million, respectively, in active U.K. equities and £75 million and £84 million in active overseas stocks. Both firms can rebid.
The shift of about £20 million to global equities from U.K. equities and the move to passive U.K. equities prompted the searches, Ms. Hydari said.
The RFIs are available via e-mail from investment consultant Hymans Robertson at [email protected] Responses to the global equities search are due Nov. 17, while U.K. equities responses are due Dec. 1. Selections will be made at more or less the same time early in 2009, Ms. Hydari said.