A group of seven U.K. county councils will launch in the next few weeks a search for passive money managers for local authority pension funds, said Nigel Keogh, national Local Government Pension Scheme frameworks operations and development manager for Norfolk County Council.
The search is being conducted on behalf of Norfolk County Council, Cambridgeshire County Council, Essex County Council, Hampshire County Council, Kent County Council, Northamptonshire County Council and Suffolk County Council.
The existing group of managers includes Legal & General Investment Management, State Street Global Advisors, and UBS Asset Management, Mr. Keogh said. Incumbents and all other money managers that meet search criteria are welcome to bid, he said.
Contracts run for four years, and an information day will take place in London on June 20.
The framework arrangement allows any pension fund covered by it to use one of the managers in the pool, so Mr. Keogh said it is difficult to put a value on the assets run under this framework.
Further details are available on Norfolk County’s procurement website website.