London Borough of Sutton Pension Fund is searching for a passive multiasset manager to run up to £120 million ($187 million), said Anthony Reeves, chief accountant for the £320 million fund.
Fund officials feel overall performance will improve by moving a portion of total assets to passive; however, funding for the new mandate has yet to be decided, Mr. Reeves said.
Investment consultant Hymans Robertson is conducting an asset allocation review, due to be completed next March. Manager and asset allocation changes could be made then, Mr. Reeves said. “We do anticipate having an element of passive in the new mix,” he said.
AllianceBernstein and Newton each run global equity mandates of about £110 million, while Aberdeen Asset Management runs £75 million in global bonds, RREEF runs £20 million in U.K. real estate, and M&G Investments runs £5 million in a small companies loans strategy.
Proposals are due Oct. 29, with a selection expected by the end of November. Questions should be directed at Hymans Robertson at [email protected]