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IPE special report May 2018

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UK’s Leicester reviews asset, portfolio structure

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UK – The 1.1 billion pound (1.52 billion euro) Leicestershire county council pension fund is reviewing its asset and portfolio structure and is asking for managers to put forward proposals for various asset classes.

Colin Pratt, investment manager at the fund, said that although the strategic review had not been completed, the scheme was asking for ideas now to allow it as many choices as possible. Essentially the fund wants to shorten the post-decision process.

The council is asking for interested organisations to provide a general reasoning of the asset class/es they are proposing on no more than two sides of A4 paper to be submitted by June 30 2003.

Asset classes that will not be considered - either because they are already represented in the entire portfolio or because they are not part of the scheme’s strategy - are:

Private equity
UK corporate bonds
Developed countries’ government bonds
Property
UK equities
Single region equities

With regards to UK equities, the council has three managers in place at the moment but is re-tendering. The portfolio will be between 100 and 200 million pounds (138 to 276 million euros). Date for receipt of tenders is also June 30.

The two proposals are being run together, explains Pratt, in case a proposal for a different asset class results in money having to be switched out of the UK equity portfolio.

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