London Borough of Croydon Pension Fund issued an RFP for a manager to run a £25 million ($38 million) global tactical asset allocation portfolio and to provide strategic asset allocation advice for the plans entire £450 million investment portfolio, said Nigel Cook, divisional director for treasury and pensions.
An RFI for a GTAA manager was issued in October 2008, but fund officials earlier this year changed the mandate to execute some flexibility in moving assets between the asset classes by seeking a firm with fiduciary management capability to also advise on broader tactical asset allocation issues, Mr. Cook said in a telephone interview.
We fixed our strategy in 2008, but will it still be a good strategy for 2009, 2010 and 2011? Were confident that the overall principle to diversify will still be sound, but we wanted the flexibility to slightly tweak our positions on a timely basis, Mr. Cook said.
Proposals are due July 3. Further information can be obtained from consultant Mercer. A selection is expected in the third quarter.