UK - Warwickshire County Council‘s 660 million-pound (966 million-euro) pension scheme is restructuring - looking for new asset managers and a single global custodian.

The revamp means the incumbents, Henderson Global Investors and UBS Asset Management, are under scrutiny.

The fund has put out a tender for single global custodian, with the account expected to start at the beginning of July. “We are just about to restructure the fund and we now look for a single global custodian,” pension fund manager, Phil Triggs, said in an interview.

The deadline for tenders is February 29. Mercer Human Resource Consulting will then consider the applications and provide a shortlist by April 9, while final interviews are due to take place on May 13, Triggs said.

The appointment should take place shortly after the final interviews, he added.

The council in central England has tendered mandates for 150 million pounds in passive investments, 210 million pounds in active UK equities, 200 million pounds in active global equities and 100 million pounds in active bonds.

This decision follows “a review of investment strategy and structure, and reflects a move towards more specialist management. It does not reflect any dissatisfaction with the Fund’s current investment managers”.

The council is expected to chose the new managers by October 2004. Spokespeople for Henderson and UBS were not immediately available for comment.