GMPF and Somerset pension funds appoint new managers
0Two local government pension funds this week announced that they have appointed firms to manage investments worth a combined total of £640m.
The Greater Manchester Pension Fund (GMPF) has appointed three equity managers to a framework to manage longer term global equity investments of up to £600m.
Meanwhile Somerset County Council Pension Fund has appointed a financial services firm to look after a mandate worth £40m.
An announcement by Tameside Metropolitan Borough Council, administering authority of the GMPF, said that 11 offers were received in response to the tender, which was released earlier this year.
After narrowing down the list, it has appointed Baillie Gifford, Franklin Templeton Investment Management and Investec Asset Management to the framework.
It said: “Guidance on the performance target for the mandates is +2% to +4% per annum in excess of the benchmark MSCI All Countries World Index (or equivalent) over discrete three year periods.”
The framework which started on 22 July, will run for four years, and is subject to triennial fee reviews.
Separately, property advisor GVA has been reappointed as advisor to GMPF for its £300m Property Venture Fund.
The firm was initially appointed by the fund in 2007 and has since overseen a number of development investments in the city.
In another pension award this week, Somerset County Council Pension Fund has selected Mirabella Financial Services to run its developed Asia Pacific (excluding Japan) mandate of £40m.
In other tenders news, Glasgow City Council is inviting suppliers to bid for the provision of a responsible investment engagement overlay service to the Strathclyde Pension Fund. The contract, worth £600,000, would run for five years.
View all of the latest banking, financial services, pension and insurance tenders and contract awards on Room151’s dedicated tenders page.
