UK roundup: NILGOSC and Pitman Trustees
UK - The Northern Ireland Local Government Officers' Superannuation Committee (NILGOSC) is seeking a global equity manager, while Pitmans Trustees has acquired the business of SBJ Professional Trustees.NILGOSC, which administers the local government pension scheme for Northern Ireland, is tendering an active unconstrained global equity mandate valued at around £180m (€207m), or 6% of the total fund's assets.
The scheme was valued at £3.2bn at 31 December 2009 and has an asset allocation of 35.2% in equities, 47.8% in managed or unitised funds and just over 9% in fixed and index-linked securities. It currently employs three global equity managers following the termination of a mandate in January 2009.
Details from its annual report for 2008/09 stated the global equity mandate run by Alliance Bernstein had been terminated "following a period of significant underperformance". However, this left the fund with one global equity portfolio run by Wellington Management equivalent to 6% of assets, and two unconstrained global equity mandates held by Baillie Gifford and Wellington.
NILGOSC is offering the new mandate on a five-year contract, and applications for the tender close on 17 February 2010.
Both the business and the staff at SBJ Professional Trustees Ltd were transferred to PTL as of the beginning of January, and Steve Carrodus, head of practice at SBJ, has joined the board of Pitmans.
Richard Butcher, director of PTL, said: "This proves we are a major player with ambition. Our long-term growth objectives are entirely consistent with our aim of providing excellent long-term governance to our clients. SBJPT has been trading as a firm of independent trustees for 18 years and has a reputation for a very high standard of client service."
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