London Borough of Islington Pension Fund issued RFIs for at least one manager to run a total of £100 million ($164 million) in active real estate, according to Joana Marfoh, head of treasury and pension fund management.
The portfolio is split equally between global and U.K. real estate.
The £550 million plan will reduce its equity portfolio, currently at 60% of total assets, to fund the real estate mandates, which would increase the fund’s real estate allocation to about 23% of total assets from about 5%, Ms. Marfoh said.
Reductions will come from equity portfolios run by RCM and Newton Investment Management, which together run about half of the equity allocation, and from an internally managed portfolio.
Proposals are due Aug. 7, and hirings are scheduled for November. Further information can be obtained from consultant Mercer or at https://www.londontenders.org/procontract/supplier.nsf/frm_home?openForm.