UK - The £2.3bn (€3.4bn) Cheshire County Council pension fund is tendering a £330m active bond mandate.

The fund is seeking to change its investment strategy in the bond portfolio, a spokesman explained to IPE.

A passive mandate is currently held by Legal & General while Baillie Gifford manages an active mandate, but this new mandate is going to be active-only so both managers will be allowed to re-tender.

The fund portfolio's overall bond exposure of 14% is not expected to change following the tender, the spokesman confirmed.

However, managers will be required to demonstrate they can outperform the benchmark by 1% to 2%.

No benchmark is set yet but the tender document gives iBoxx overall as an example.

Deadline for participation in the tender is July 9.