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BIDS OPEN FOR£175M FUND

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Gartmore and Phillips & Drew face a battle to retain their investment mandates with the Hammersmith and Fulham LBC ...
Gartmore and Phillips & Drew face a battle to retain their investment mandates with the Hammersmith and Fulham LBC pension fund.

The council is inviting tenders for a£175 million mandate. It will either divide this into a£125-150m actively managed, specialist global equity mandate and a£25-50m bond brief, or appoint a single multi-asset manager.

Hammersmith and Fulham finance director Mark McLaughlin said the decision to review the fund's management structure had been prompted by relative underperformance and the need to change its asset allocation.

Meanwhile, Brent LBC is inviting tenders for a£90 million bond brief and an£80m global equities (excluding UK) portfolio. Its current manager is Mercury Asset Management.
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