After a meeting today (10 March 2000), the 'trustees' of the Greater Manchester Pension Fund (GMPF) have announced their decision to review their current fund management arrangements and manager appointments.

GMPF if the largest local authority pension fund in the country with assets of over £6 billion, 64,000 pensioners, 23,000 deferred members and 90,000 active contributors. It currently has two balanced managers - Phillips & Drew and Prudential Portfolio Managers Limited - each having a portfolio of around £2.5 billion. The existing appointments were effective from 1st April 1998 for three years and the review is taking place now to ensure effective continuity.

Councillor Roy Oldham, chair of the 'trustees' said:

"With the assistance of our advisors we will be going through a rigorous process to assure ourselves that the fund has the best possible management arrangements and managers in place to deliver future out-performance"

A formal notice will shortly be placed in the Official Journal of the European Communities.

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