UK - The £2.4bn (€3.6bn) Kent County Council Superannuation Scheme is tendering a £350m UK equities mandate currently held by Societe Generale Asset Management.

"All local authorities have to tender mandates regularly. We have had Societe Generale for five years now and we think that this is an appropriate time to tender", Nick Vickers, head of financial services at the fund, explained to IPE.

He said that the council had "no issues" about the asset manager's performance.

Vickers confirmed that the Kent pension scheme would only tender the part of the 34.5% UK equities portfolio held by Societe Generale and not the one held by Schroder Investment Management.

He said that currently no other mandates would be tendered. Earlier this year the fund had axed Goldman Sachs Asset Management from a roughly £350m UK and overseas equities mandate. Baillie Gifford and Alliance Bernstein are now sharing the 34.5% overseas equities mandate.