UK – The £2.8bn (€4bn) South Yorkshire Pension Fund is seeking an advisor for a £220m commercial property portfolio – putting incumbent Standard Life Investments under scrutiny.

An official at the Barnsley-based scheme confirmed that Standard Life currently has the contract and that the tender was to seek “best value”.

“The advisor will be responsible for advising the authority on the development and implementation of an appropriate commercial property investment strategy as well as ongoing monitoring, regular reporting and liaison with the authority and the other usual duties associated with an actively managed mandate of this type,” South Yorkshire said in a statement.

"We do currently have the mandate and we will obviously be re-tendering for it," said a Standard Life spokesman.

The appointment covers both direct and indirect holdings. The scheme has office, industrial, high street retail, warehouse and developments throughout the UK, according to its website.