UK - The £800m (€1.2bn) Clwyd Pension Fund administered by Flintshire County Council has tendered a £40m Global Tactical Asset Allocation mandate.

The three-year, one-lot contract "entails the management of GTAA assets with a long term target" the tender states.

The North Wales council is being assisted by consulting firm Bfinance.

The mandate will start on February 1 next year.

The tender states that a pooled vehicle is preferred, with a target of approximately 10% - 20% above LIBOR.

The "objective of the allocation is to achieve a return of 0.5% -1.0% at the total fund level".

The mandate will go to the most economically advantageous tender in terms of three criteria: quality (weighting: 50), technical merits (30) and price (20).

Earlier this month the fund tendered a total of £145m in unconstrained fixed income and equities.