UK - The Bexley and Lincolnshire local authority pension funds have separately named new asset managers.

The £360m (€525.5m) Bexley Council Pension Fund has named hedge fund and private equity managers following a tender process that started in January.

MAN Group's RMF subsidiary will run around £10m in fund of hedge funds while Swiss-based Partners Group has been allocation a similar global private equity fund of funds brief.

Bexley, southeast of London, launched the tendering process at the start of the year to allocate 5% of its assets.

The decision to move away from the fund's initial 60/40 equity/bond split was prompted by an asset liability study conducted by Mercer last year.

"We want to inject more risk into the fund to help recover the deficit," a council spokesperson said in November just a few days before trustees approved a 70/30 split.

Meanwhile, the £1.1bn Lincolnshire County Council Pension Fund has awarded AllianceBernstein and Threadneedle equities mandates.

The move represents a further loss for the incumbent Bank of Ireland Asset Management, which had been put on a shortlist for reconsideration at the end of its three-year mandate term.

Consultancy Bfinance assisted with the selection.

Earlier this week Partners, which this year listed on the SWX Swiss Exchange, reported that assets under management had risen by CHF2.9bn to CHF13.8bn.

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