UK - Flintshire County Council has appointed seven external advisers for the Clwyd Pension Fund, while Gloucestershire County Council is tendering a global equity mandate valued at up to £200m (€257m).

The £889m Clwyd Pension Fund issued a tender for a number of providers of external advisory services in May, in which it divided the contract into different areas of expertise such as law and contract, taxation and manager selection. (See earlier IPE article: Clwyd seeks external investment advisers)

As a result it confirmed it has now appointed the following seven firms to advise on specific issues:

•    Allenbridge Epic Investment Advisors
•    bFinance
•    Mercer
•    Hammonds LLP
•    Aon Consulting
•    Sacker & Partners LLP
•    HSBC Actuaries & Consultants

Flintshire County Council highlighted in the tender notice that the successful companies were primarily appointed on the basis of price, although Local Government Pension Scheme (LGPS) experience and references were also deciding factors.

Meanwhile, Gloucestershire is seeking one or two active global equity managers to take responsibility for a mandate of between £100-200m, equivalent to 10-20% of the fund's assets.

The target is to outperform the MSCI AC WI or equivalent benchmark by 2-3% a year over rolling 3-5-year periods, although Gloucestershire admitted the details of how and when the mandate will be funded have yet to be confirmed.

Gloucestershire's decision to tender for an active global equity manager for the £906m fund follows the triennial review of fund manager performance and a review of the current asset allocation.

The fund's investment strategy review, including the findings, was originally meant to take place at the Pension Fund Committee's meeting in May to allow for the results of the triennial actuarial valuation.

However in July a spokeswoman for the Council told IPE.com the meeting had proved "inconclusive" and the matter had "rolled-over" to the next meeting, and that no tenders would be issued until the Committee decided on its strategy. (See earlier IPE.com article: Gloucestershire loses 'focus' on Hermes)

The closing date for submissions for the global equity tender is 6 November 2008.

If you have any comments you would like to add to this or any other story, contact Nyree Stewart on + 44 (0)20 7261 4618 or email nyree.stewart@ipe.com

Topics