UK - The £1bn (€1.1bn) Royal County of Berkshire is looking to explore its investment options by inviting managers to pitch the advantages of an emerging markets currency portfolio, as well as methods of addressing investment and liability tail risk.
It wishes to discuss the possibilities of either a pooled or segregated currency investment, while selected suppliers will then be invited to enter the tender process.
Nick Greenwood, pension fund manager at the local government pension scheme (LGPS), said: "We are interested in the thought that emerging market currencies will strengthen against sterling, and that provides an opportunity.
"Whether it's in addition to our existing emerging market exposure, we will address at the time."
Greenwood added that they currently invest about 8% of assets in emerging markets.
The other area being explored by Berskshire is that of services helping the fund manage its investment and liability risks, including deflation or a substantial fall in long-term interest rates.
Once the process reaches the tender stage, the selected parties will be able to apply for three-year contracts for each mandate, with a possible extension of a further three years.
Interested parties should contact the Royal Borough of Windsor and Maidenhead, the administering authority, by 19 November.
Berkshire managed more than 50% of its funds in-house last year, with only three of its six asset classes partially managed by other organisations, such as JP Morgan Fleming.
The fund was the first LGPS to complete a longevity hedging deal, worth £750m at the time, with SwissRe.