UK- The Highland Council’s £400m (e633m) pension fund has put out to tender a £300m (e475m) balanced mandate, as a result of current manager, Rothschild’s plans to sell its asset management business.

Says a spokesperson at the local authority: “we were looking to review the pension fund in the longer term, but changes at Rothschild Asset Management have caused us to bring this forward. Rothschild can of course retender – the invite is quite open-ended and flexible. We’re looking at multi-asset managers right through to specialists.”

Applications must be received by the 25th November 2002. Highland Council’s hopes to have made the final decision by the beginning of March next year.

Baillie Gifford manages the authority’s remaining £100m funds, also a balanced mandate.

Rothschild announced in September that it planned to sell its institutional and retail investment management businesses in order to focus more on private banking.

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