Merseyside fund tenders assets worth e3.2bn

UK- The £3bn Merseyside Pension Fund is looking for external managers to run several of its mandates totalling more than £2bn (e3.2bn). The departure of several key members of its investment team earlier this year is believed to be the catalyst, as fund management was previously carried out entirely in-house.

At the end of March two senior members of Merseyside’s in-house team, chief investment officer Simon Edwards and senior investment manager Alan Borrows left the fund to establish their own firm, Midas Capital Partners, taking with them four of the remaining seven members of the investment management team.

The tender includes equity mandates for the UK, pan-Europe, North America and the Far East, and two bond portfolios. Merseyside is also looking for a manager for a passive global equity fund. The exact size of the mandates has not been disclosed and Merseyside refused to disclose further details.

The fund has set a deadline of October 11th for submissions.

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