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Greenwich tenders £100m multi-asset mandate as strategy shift continues

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Greenwich’s local authority pension fund is tendering a £100m (€139m) absolute return mandate, bringing to £700m the value of tenders recently conducted by the scheme.

In the tender, for a multi-asset pooled fund, Greeenwich said it was looking for a manager to outperform the three-month sterling LIBOR rate by a significant margin, defined as 3-5%.

The local authority pension scheme (LGPS) said it would expect the pooled solution to grant it exposure to asset classes including equities, bonds, currencies, commodities and property but added that it would not consider hedge-fund-of-fund solutions.

Asset managers have until 23 February to register their interest with the council’s procurement department. 

Greenwich strategic allocation 
Greenwich strategic allocation
Asset ClassTarget
UK equities 5% cap weighted15%
Overseas Equities35%
 Global equity passive15%
 Smart beta10%
 Emerging markets active10%
Property10%
Bonds20%
 Multi-asset credit10%
 UK Aggregate Bond Fund10%
Multi-asset strategy10%
Diversified alternatives10%

The tender comes as the scheme implements its new strategic asset allocation. 

The new allocation calls for a 10% exposure to multi-asset strategies, standing alongside a 10% exposure to diversified alternatives, for which it launched the manager search in November.

It has also tendered £400m worth of equity mandates and, more recently, a £100m emerging market equity mandate.

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  • QN-2559

    Asset class: Multi Assets.
    Asset region: -.
    Size: EUR 15m (may be split into two mandates EUR 7.5m).
    Closing date: 2019-09-06.

  • QN-2560

    Asset class: Private Equity.
    Asset region: Global.
    Size: $40m.
    Closing date: 2019-08-30.

  • QN-2561

    Asset class: Infrastructure.
    Asset region: Global.
    Size: $40m.
    Closing date: 2019-08-30.

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