The Lancashire County Pension Fund has made a number of appointments for a transition management framework agreement, as it undergoes a significant review of its investment arrangements over the next four years.

The £5.3bn (€7.3bn) local government pension scheme is in the process of creating an “asset-liability partnership” with the £4.8bn London Pensions Fund Authority (LPFA) and launched its tender for transition managers for “significant” asset allocation changes last year.

Appointed firms include BlackRock Advisors, Citigroup, Goldman Sachs, Legal & General Investment Management, Macquarie Capital, Nomura, Northern Trust and Russell Implementation Services.

The fund will now conduct a mini-competition exercise between the appointed managers as and when it requires transition services.

Lancashire had also rearranged its management team in preparation for the partnership with the LPFA.

In other news, the Dutch pension fund for the hospitality sector, Horeca & Catering, has appointed Northern Trust Global Investments for a €200m passive, small-cap equities mandate.

The new arrangement is in addition to a 2012 mandate between the two for €200m in passive listed real estate.

The €6.3bn pension fund provides benefits for around 36,000 members of the hospitality sector, and recently appointed AlpInvest to manage its €500m private equity holdings, around 5% of the fund.

Elsewhere, the pension fund for the European Central Bank (ECB) in Frankfurt has appointed Deloitte to provide actuarial and funding valuations alongside actuarial advice.

The contract is for approximately three years, starting in 2015 and ending with the actuary’s valuations corresponding to the year 2017.

Deloitte beat four other bidders for the pension fund and will now provide valuations on both the assets and liabilities for all long-term and post-employment benefits provided by the central bank.

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