LPFA looks for external manager

The London Pension Fund Authority (LPFA) is looking for an external fund manager to handle a £400m ($664m) mixed portfolio of equities and gilts, currently managed by Gartmore, and it will be looking at tenders in July.

The LPFA, which took over from the old Greater London Council pension fund back in 1989 - has some £2.4bn worth of assets, half of which are index-linked gilts, and its fund, too big for one manager, is currently managed by Gartmore, PDFM and Prudential.

The £400m worth of assets under tender are to be managed on a segregated basis, across the UK and overseas markets. Some six to 12 managers are in the running and, according to the LPFA's chief executive, Peter Scales, Gartmore is re-tendering but we are being advised by the Hymans Robertson consultancy. More than 30 managers expressed an interest.""

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