PPF to set up investment advice panel
UK - The Pension Protection Fund (PPF) is seeking to establish a panel of investment advisers to call on, for advice concerning investment in both new and existing asset classes.
A tender notice issued by the organisation, which manages £3bn (€3.5bn) of assets, revealed it is offering four-year contracts to advisers engaged in the framework agreement, with the possibility of two further extensions of two years.
The PPF confirmed it is not looking to replace existing advisers, so the advice will be provided on a new contract, with a maximum number of 20 participants.
A spokeswoman for the PPF said: "We're looking to appoint a panel of specialist investment advisers that we can call on to provide advice in a range of asset classes."
She said specialist investment advice may be required for possible new asset classes - such as private equity, real estate, commodities, or emerging markets, - as well as for structured products, derivatives, hedging, asset transitioning and other areas.
The tender notice follows the recent updating of the PPF's Statement of Investment Principles (SIP), to allow the Board to engage with the trustees of schemes entering the PPF to co-ordinate on investment strategy and minimise transition costs. (See earlier IPE article: UK PPF updates investment principles following insolvencies)
At that time, it also confirmed the appointment of four investment managers to run its global bond portfolio, which accounts for 50% of its assets under management.
The closing date for tender applications is 7 August 2009, however the PPF justified the accelerated search on the basis that "the Board of the PPF requires urgent access to specialist investment advice on investment in new and existing asset classes".
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