UK - Dundee City’s £775m (e1.21bn) Tayside superannuation fund is tendering for a fund manager to manage a £93m bond mandate. The scheme joins the latest in a line of UK funds switching from a balanced strategy to a specialist strategy.

As a provisional benchmark, the bond mandate will consist of 17% in UK Gilts, 25% in corporate bonds, 25% in overseas bonds, 29% in index-linked bonds, and 4% in cash.

The Tayside fund decided to move from its existing structure of three balanced and one specialist property manager following the advice of consultants, Hyman Robertson.

Fidelity has been retained as a multi asset manager, and Baillie Gifford has been given a global equity mandate. In addition to the bond specialist mandate, a global equity specialist mandate is to be put out to tender.

The introduction of specialist managers means that Schroder Investment Management, will lose it balanced mandate. Schroder Property Management will continue to manage the property element.