UK – The 250 million-pound (356 million-euro) pension fund of the Audit Commission is tendering for an investment consultant.

Paul Punter, pensions manager at the public finance regulator, said that it had been decided to separate the consultancy roles of investment adviser and actuarial adviser following the Myners report. Aon, which has been providing both services since 1984, will continue to provide actuarial adivce and will be asked to tender for the role of investment consulting.

The required supplier will provide advice on investment, market conditions and best practice pension investment services. Areas are to include:

Advice on investment strategy and the statement of investment principles
Advice on legislative and market developments relating to investment principles
Assisting with the implementation of any new investment strategy
Performing asset liability modelling
Advice on investment managers and their performance
Assisting with the selection and assisting with the change of new investment managers when necessary

Tenders must be received by October 15.

The Audit Commission’s pension fund is invested 100% in equities. Barclays Global Investors run 88% of the fund on a passive basis, and Frank Russell run the remainder under a manager of managers mandate.

The London Borough of Hammersmith and Fulham has also put out to tender a mandate for a pensions administrator.