UK – The seven million-pound (10.3 million-euro) Scottish Parliament Pension Fund says it is “seeking expressions of interest” from asset managers to award a balanced mandate.

The entire fund, which has annual contributions of around 1.2 million pounds, is currently managed by Baillie Gifford, a spokesman for the Scottish Parliament said.

“There have been no issues with Baillie Gifford performance,” he added.

“The original contract is due to expire and a new contract is therefore required. As the value of the new contract is expected to be above the EU threshold, the relevant EU procurement directives will apply.”

The spokesman also said that the fund is hoping to appoint a single company by June 2004. The requirement has not yet been tendered.

Baillie Gifford, like the Parliament based in Edinburgh, said it hoped to be part of the re-tendering process and that it would be reapplying.

The fund was originally set up by the Scottish Office under the provisions of the Scotland Act, just prior to the Scottish Parliament assume its powers in July 1999.