UK – The London Borough of Lewisham’s pension fund is tendering three mandates totalling 409 million pounds (585.8 million pounds).

The council is tendering 100% of its non-property assets, comprising three mandates.

The first mandate is a 179 million-pound (256 million-euro) multi-asset mandate, split 96 million pounds (137.5 million euros) into UK equities and 83 million pounds (119.5 million euros) into bonds.

The second mandate is for overseas equities and is valued at 124 million pounds (178 million pounds).

A third mandate is a specialist UK equity mandate – also at 96 million pounds (137.5 million euros).

At present the fund has two balanced managers, Schroders and Deutsche Asset Management.

The decision to tender the mandates, and changed from a purely balanced approach followed the results of an asset-liability review.

Hymans Robertson is the scheme’s consultant. Applications must be received by December 15.