London Borough of Wandsworth Pension Fund hired RCM, UBS Global Asset Management and Rogge Global Partners to manage three separate portfolios totaling at least £305 million ($473 million), according an announcement on the European public procurement platform Tenders Electronic Daily.
Peter Harris, pension fund manager, could not be reached by press time for further information. However, according to the £767 million fund’s annual report for the year ended March 31, fund officials were finalizing plans to appoint RCM to run a £90 million active global equity strategy and Rogge to manage a £90 million active U.K. bonds portfolio. UBS was picked to run a £125 million passive multiasset mandate, according to the report.
Funding came from a shift away from a balanced portfolio management approach based on an asset allocation review completed in 2008, Mr. Harris said in an interview at the time that initial RFIs were issued.
UBS and Aberdeen Asset Management had been the two sole managers running balanced mandates comprising all but the real estate portion of the investment portfolio. UBS still manages a £130 million “discretionary balanced mandate,” according to the annual report.
Investment consultant Mercer advised.