UK’s Windsor tenders up to e115m equity mandate
UK – The UK borough of Windsor and Maidenhead is putting out to tender a mandate of between 50 million and 80 million pounds (72-115 million euros) to be invested in global equities for its 800 million pound (1.1 million euro) pension fund.
The fund has decided to reduce its allocation to UK equities, and raise its allocation to global equities. The fund currently invests around 20 million pound in global equities, managed by Wellington. Wellington will be invited to re-tender for the larger mandate.
The change in asset allocation will see the UK equity portfolio of Fleming Asset Management cut. Barclays Global Investors, which also manages a global equity portfolio for Windsor and Maidenhead, will fully retain its mandate.
The contract for the new mandate will be for a five-year initial period, with an option to extend for a further four years.
Deadline for receipt of tenders is April 22. Windsor is a borough to the west of London.