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Greenwich tenders entire e750m fund

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UK- The London Borough of Greenwich pension fund has tendered its entire £480m (e749m) portfolio, currently managed by Schroders and Deutsche Asset Management.

A spokesman for the fund said It has yet to decide how many managers will be appointed to run the funds, how the assets will be split and whether they will be run an active or passive basis.

It is estimated, however, that the portfolio will comprise e300m in UK equities, e225m in global equities, e150m in UK and international bonds and e80m in pooled property funds, illustrating a significant shift into global equities.

The spokesman declined to comment on the imcumbent managers' performance only to say that the change in investment strategy follows a review of the local authority’s investment strategy prompted by last year's Myners report.

Greenwich has invited tenders by November and will make a final decision at the beginning of next year. It is likely to appoint a number of managers to each mandate, according to the spokesman.

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