The $500 million pension fund for the London Borough of Havering, based in Romford, Greater London, has issued an RFP for a manager to run a multi-asset, absolute return mandate with an initial value of $23 million to $26 million. The successful candidate is likely to combine exposure to a diverse range of asset classes, including an allocation to alternative assets.
The performance target has not been finalised but is expected to be roughly LIBOR plus 3% to 5%. Providers should have experience of managing assets on behalf of UK local authorities. The asset allocation is 31.6% to UK,