Shropshire County Pension Fund, Shrewsbury, England, issued an RFI for a passive global equity manager to initially run a portfolio valued at about £220 million ($335 million), said Justin Bridges, the £1.1 billion pension fund's treasury and pensions service manager.
The move is part of a broader restructuring of the equity portfolio, which constitutes 52% of total assets. The strategy will be split between U.K. equities, which account for about 10% of total assets, and global equities, which make up the remainder of the portfolio, Mr. Bridges said. Previously, the equity portfolio was divided more regionally to include U.K., U.S., Europe, Asia-Pacific, Japan, emerging markets and global allocations, according to annual report for the year ended March 31, 2012.
As of March 31, Majedie Asset Management ran £160 million in U.K. equities, Goldman Sachs Asset Management had a £110 million U.S. equities portfolio, and Legal & General Investment Management handled a £78 million European equities strategy.
Also, Martin Currie Investment Management, F&C Asset Management and Baillie Gifford & Co. managed £50 million in Asia-Pacific equities, £48 million in emerging markets equities and £47 million in Japan equities, respectively.
And MFS Investment Management had a £107 million global equities portfolio.
Further information about which existing equity portfolios might be reduced or terminated as a result of the strategic restructuring was not available.
Proposals are due March 27. Decisions are expected around September, Mr. Bridges said.
Additional information can be obtained from investment consultant Aon Hewitt or by e-mail at [email protected].