UK - Standard Life Investments says it has retained an advisory mandate on the £310m (€451m) commercial property portfolio of the South Yorkshire Pension Fund.
It said the decision followed a comprehensive tendering and evaluation process involving a “number of investment houses”. It was originally awarded the mandate in April 2002.
"It was an exhaustive - and exhausting - tender process, during which the Authority was assisted by Hewitt Bacon & Woodrow, and it culminated in members interviewing four prospective advisors,” said South Yorkshire Pensions Authority fund manager John Hattersley.
“The Authority is pleased to be able to continue its relationship with Standard Life Investments and looks forward to even better returns from this portfolio."
“With the pressure on pension funds to perform, mandate reviews have become more common, but South Yorkshire's decision highlights our strong long-term performance and our standing as a leading player in property,” said Standard Life’s Chris Moraweicki, investment director for UK local authorities.
Elsewhere, Merrill Lynch Investment Managers said the London Pension Fund Authority has funded a £185m target return mandate. The move comes as part of the LPFA’s decision to change investment strategy.
Meanwhile, the Rexam pension fund – headed by former NAPF chairman Terry Faulkner – has appointed three boutique managers, according to reports. These are Taube Hodson Stonex, Mirabaud Asset Management and Rogge Global Partners.