U.K. public pension plans are turning to “framework agreements” to sign investment managers instead of outright appointments, Pensions & Investments reports. The contracts enable plan executives to terminate one manager and move assets to another in a flexible and quick manner.
The Lothian Pension Fund, Edinburgh, chose Baillie Gifford & Co. and Invesco Perpetual Institutional to handle £200 million and £100 million, respectively. The London Borough of Sutton started two searches in July that will lead to framework agreements for a £75 million active multi-asset absolute-return mandate and a £70 million active unconstrained global equity mandate.
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