UK -The London Borough of Sutton's pension scheme has announced the details of two framework agreements, with the tenders accounting for more than a third of the scheme's total £330m (€370m) in assets.
The first tender, for an active global equity portfolio, should outperform the MSCI All Country World index by at least 3% per annum.
The local government pension scheme said it would include as many as eight managers in the framework agreement, which would run for four years.
The portfolio's initial value has been set at £50m-70m, with the council considering the possibility that several managers would be awarded the mandate.
The second framework agreement, for an absolute return mandate, would again allow for as many as eight managers being selected for the agreement, with the possibility that several managers would be in charge of £25m-75m worth of assets.
It should beat the three-month sterling LIBOR rate by at least 3% per annum over 3-5 year periods.
Applicants for both framework agreements can request more information through Hymans Robertson before 22 August.
In other news, Northamptonshire's local government pension scheme has increased its bond allocation to Wellington Management following a resignation within the UBS fixed income team. The scheme has £1.3bn (€1.5bn) of assets, with around 10% managed by Wellington.
In February 2011, Northamptonshire's pensions committee decided to cut costs and reduce its bond mandate managers from three to two.
After performance reviews, the pensions committee decided to retain Wellington Management and UBS, while eliminating Aberdeen Asset Management due to poorer performance.
The committee originally intended to split Aberdeen's mandate between UBS and Wellington evenly.
However, UBS's head of fixed income resigned two days prior to the committee's 20 June meeting, and the committee decide not to award UBS further allocations.
Instead, Wellington will receive the entirety of Aberdeen's 10% allocation and now manages 15% of the scheme's assets. UBS will retain the 5% (£65m) fixed income mandate that it already managed before the resignation.
Finally, the Hoover Pension Scheme has signed on to another agreement for JLT Benefit Solutions to administer its fund.
JLT has administered Hoover's scheme for several years, since Prudential stopped managing it in 2003. Hoover's pension scheme is a mature defined benefit scheme and covers more than 13,000 members.
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