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PENSION FUND CHANGES: REDUCED BRIEF FOR MORGAN GRENFELL

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Morgan Grenfell has been retained by the£377 million Lewisham LBC pension fund as balanced manager but has lost a ...
Morgan Grenfell has been retained by the£377 million Lewisham LBC pension fund as balanced manager but has lost a third of its brief to Schroder. While Morgan Grenfell previously managed the entire Lewisham fund, a change of strategy led to the creation of a£130m mandate focusing on index-linked gilts and property.

Tameside MBC is reviewing two balanced briefs worth£4 billion managed by PDFM and Prudential for the Greater Manchester Pension Fund for the past 20 years. Initial questionnaires have been returned and a decision is expected in November. Up to three managers may be selected.

Tameside has also received completed questionnaires from candidates for its£3.74bn global custody mandate, currently handled by Lloyds.

The London Pension Funds Authority expects to announce the result of its review of its£400m balanced manager Gartmore later this month.

Middlesbrough BC, which runs the Teeside Pension Fund, is seeking a single global custodian to replace four incumbents, Midland Securities, Bankers Trust, Barclays Bank and Merrill Lynch. It hopes the move will lead to cost savings and greater efficiency. The successful company will be awarded custody of assets totalling£750m in November.

Cardiff CC is looking for a manager to run an£80m UK active equities brief for the Cardiff and Vale of Glamorgan Pension Fund.

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