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TENDER SOUGHT FOR OIL BOOM CASH

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Shetland Islands Council is searching for investment managers to run three portfolios containing assets amassed as ...
Shetland Islands Council is searching for investment managers to run three portfolios containing assets amassed as a result of the North Sea oil boom.

The council wants tenders for a multi-asset mandate of£100 million, a specialist UK and overseas equity brief of£70m and a specialist bond mandate of£50m.

The assets form part of Shetland's renewals and repairs fund, currently run by Schroders, and its reserve fund and harbour accounts, currently managed by Phillips & Drew.

The funds are the result of the council negotiating favourable terms with the oil industry when Europe's largest oil terminal was built in Shetland.
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