UK - Aberdeen City Council is seeking investment managers to run a specialist portfolio in global equities for its local government pension fund.

The council, which runs two pension schemes - the main fund and the transport fund - is tendering a £160m (€185m) portfolio to be run by one or more managers in pooled or segregated accounts with the aim of a minimum return of 2-4% above the FTSE All World (ex-UK) net of fees.

However, Aberdeen said it will only consider active long-only managers and warned that strategies involving fund of hedge funds, 130/30 or long-short funds would not be considered.

Figures from the unaudited 2008/09 annual report showed the combined value of the two funds dropped from £1.823bn to £1.472bn by the end of March 2009, as the main fund lost over £300m - falling from £1.77bn to £1.43bn - while the smaller transport fund slipped from ££53m to £44.1m.

The report showed the main fund employed 12 investment managers to run a range of portfolios including UK and overseas equity and fixed interest investments, as well as property, unit trusts, derivatives and private equity, while the transport fund is managed entirely by Aberdeen Asset Managers.

The closing date for tender submissions for the global equity portfolio is 11 September 2009 and further information can be obtained from bfinance.

If you have any comments you would like to add to this or any other story, contact Nyree Stewart on + 44 (0)20 7261 4618 or email