West Sussex County Council Pension Fund, Chichester, England, will search for a balanced fund manager.
The £2.6 billion ($4.3 billion) pension fund currently has two traditional balanced portfolios, managed by UBS Global Asset Management and Baillie Gifford. The allocation is £2.2 billion and is spread across stock markets on an active and balanced discretionary basis for diversification and risk purposes, according to an announcement on European procurement website Tenders Electronic Daily.
West Sussex County Council will shortly seek to allocate £1.2 billion to potentially replace the portfolio managed by Baillie Gifford. The announcement said this is part of a “scheduled procurement exercise.” It could not be learned by press time whether Baillie Gifford can rebid.
The pension fund is split into three areas, with a private equity investment fund and a real estate fund as well as the balanced portfolios.
The pre-qualification questionnaire deadline is early to mid-October, and the call for final tenders is expected to be in January. More information is available on TED.
Further information will be available on the council’s procurement website.
Executives at the pension fund could not be reached for comment by press time.