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PENSION FUNDS - SURREY INVITES NEW BIDDERS

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The£825 million Surrey CC pension fund has invited bids from investment managers with a view to a possible restruc...
The£825 million Surrey CC pension fund has invited bids from investment managers with a view to a possible restructuring in the autumn.

The fund, which has struggled with poor funding levels in recent years, is currently managed by Phillips & Drew, Morgan Grenfell and Barings. These three manage 40%, 38% and 22% of the fund respectively.

Surrey finance director Mike Taylor said the request for bids did not necessarily mean the county would replace existing managers, but was instead designed to give members an idea of possible alternative strategies. The deadline for applications falls later this month.
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