University of Leeds reviews equity managers
UK - The University of Leeds is seeking active UK and overseas equity managers to run a five-year mandate for its Pension and Assurance Scheme (PAS).
Trustees of the PAS, which had net assets totalling £225m (€296m) as of March 31 2007, are reviewing the investment arrangements of the pension scheme and are seeking prospective managers who already handle equity mandates valued at a minimum of £1bn.
The scheme currently has two fund managers, Legal & General Investment Management and Capital International, with the investments split 70% in equities and 30% into bonds.
The scheme's annual report for 2007 revealed Capital International invests 60% of the total assets in a predominately equity-based portfolio on an active basis, while
Legal & General divides the remaining 40% equally between a UK equity index fund and bond funds.
The new mandates, which allow prospective managers to tender for the UK and/or the overseas contract, are valued at around £80m and will initially run for a minimum of five years, with the option to extend the contract on an annual basis for a further five years.
Established in 1972, the PAS is open to all support staff at the University of Leeds, and currently has around 4,615 members, while the funding status of the scheme is a £2.3m surplus, according to the last actuarial valuation in March 2005.
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