UK – The £730m (€1,135m) Torfaen County Borough pension fund in South Wales has undertaken its three-yearly investment review which is likely to lead to RFPs for about two thirds of its assets, comprising active UK, European and Far Eastern equity portfolios and an active global fixed income portfolio.

The size of the individual briefs is not known and the fund hopes to put the tenders out over the summer. On the basis of the results of the review, which was carried out by the scheme’s actuaries and consultants, Mercer Investment Consulting, the scheme’s investment committee has decided its assets should be managed actively.

Says a spokesman for the fund: “up until now, most of our assets have been managed on a passive basis, but the review recommends that as a result of current market conditions, a move to a more specialised and active management strategy will generate better long-term returns.”

The fund’s current managers include Barclays Global Investors and Gartmore Investment Management but Torfaen’s spokesman wouldn’t confirm what portfolios the two manage.

He did, however, say they would be invited to tender for any suitable mandates and that the changes in no way reflect past performance.