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Strathclyde seeking transition manager

UK - Glasgow City Council is seeking a transition manager for the movement of assets relating to planned and future investment changes in its £8.8bn (€12.3bn) Strathclyde pension fund, the local authority announced today.

The fund, advised by consultancy firm Hymans Robertson, advertised a 60-month contract today.

Strathclyde has seen a shake-up in its investment strategy in recent month and plans future changes to its investment management arrangements and structure.

Meanwhile, in Oxfordshire the Combined Nuclear Pension Plan Trustees has hired Hymans Robertson as its new investment consultant.

A spokesman for the firm explained that the plan previously did not have an investment consultant - Hymans was appointed on June 7.

Elsewhere, the Bristol-based Audit Commission for Local Authorities and the National Health Service in England and Wales was tendering for actuarial services today.

In the contract notice, the body said that the total scope for the provision of "actuarial and benefits consultancy to the Audit Commission and Trustees of the Pension Scheme" was divided into two lots.

The estimated value is £150.000 and £196.000 per annum - the duration of the contract is 36 months.

The mandate will go to the most economically advantageous tender in terms of economic, financial and technical capacity.

The time limit for receipt of tenders or request to participate is December 7.

In earlier tenders, Hymans Robertson PLC has come under review at two Scottish local authority pension funds.

In two separate tender procedures, both the €9bn Strathchlyde Pension Fund and the €847.7m Highland Council Pension Fund are looking for new actuaries.

Richard McIndoe of the Glasgow council's Strathclyde Pension Fund explained that the scheme is re-tendering, because the six-year contract with Hymans has come to an end.

"It is an open contract and we certainly expect Hymans to re-tender," he said. The same is the case at the Highland Council pension fund.

The Glasgow-based fund is looking to appoint a new actuary next summer and offers a six-year contract. The Inverness-based Highland Council pension fund offers a contract for five years commencing on April 1 next year, but "with an option for the council to extend the contract for a period of up to one year".

The most economically advantageous tender in terms of organisation, personnel, processes, cost, communication and client servicing will be awarded with the contract.

The funds are not being advised in this process. Tenderers can send in requests to participate until December 12 at the Glasgow fund and until December 13 at the Highland Council's fund.

Elsewhere, the Northern Ireland Local Government Officers' Superannuation Committee has tendered for a single custodian.

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