UK’s PPF in “urgent” fund manager tender
UK - The Pension Protection Fund has issued a tender seeking asset managers for a range of asset classes as a "matter of urgency".
The PPF is tendering for the "management of portfolio of assets benchmarked against a number of asset classes including UK equities, global equities, property and currency and for which prospective service providers can apply to be considered for one or more asset classes".
The move is under an "accelerated procedure", justified on the grounds that the PPF is a "relatively new operation setting up basic services which are required as a matter of urgency". There was a "change in investment requirements to minimise and control future risks".
The PPF will shortlist between five and 10 suppliers and will award 48-month contracts to "the most economically advantageous tender". The time-limit for receipt of tenders or requests to participate is December 1.
Meanwhile, Kent County Council Pension Fund is seeking to appoint an investment manager(s) for up to £400m in UK equities. It is being advised by Hymans Robertson and the deadline is December 18.