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Morley reappointed at Lincolnshire fund

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UK – Morley Fund Managers has been reappointed to run a 100 million-pound (143 million-euro) fixed income mandate for Lincolnshire County Council pension fund.

Morley managed a smaller fixed income mandate for the local authority fund, but last October the portfolio was put out to tender following a change in asset allocation.

After an assets and liabilities study was carried out, it was decided to increase the fixed income exposure by switching 40 million pounds (57 million euros) out of UK equities, and to up the allocation to corporate bonds from one percent to 10% of the mandate.

In spite of the change in portfolio, Morley Fund Managers has been re-appointed.

Elsewhere in the UK local authority market, Somerset County Council has put out to tender a 150 million-pound (215 million-euro) active equity mandate. The portfolio will be benchmarked against the FTSE All Share (ex Multinational) Index. Applications must be received by beginning of November.

Somerset is also looking for a transition manager to aid the fund with the transition of its equity portfolio of 450 million pounds (645 million euros) from two balanced managers to five specialist managers.

The transition also involves a change of underlying benchmark. Closing date for applications is mid-November. Previously Jupiter and an in-house team at Somerset ran the fund on a balanced basis. Now the equity part of the fund is being split into North American equities, European equities, far-east equities, and passively managed equities.

Tenders for European equities and far-east equities were announced in the European Journal last week. Fixed income and property mandates were tendered earlier in the year. A spokesman at the fund stressed that Jupiter has been invited to re-tender.

Finally, the London Borough of Lewisham is looking to appoint a custodian for its 403 million-pound (578 million-euro) pension fund. Presently the custody services is taken care by an in-house team. Closing date for applications is November 21.

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