UK - Flintshire County Council is looking to appoint a number of providers of external investment advisory services for the £889m (€1.1bn) Clwyd Pension Fund.

A tender notice just issued revealed the pension fund intends to establish a framework agreement with several operators to provide investment advice on specific areas of expertise, starting from July 1 2008.

The contract will last for three years, and the council in inviting tenders from operator specialising in one or more of the following areas where it requires specific advice:

Law and contract Taxation General investment strategy Alternative investments Investment training Manager selection Scheme administration issues ESG/sustainability/climate change issues Asset liability modelling exercise

Flintshire confirmed the mandates would be awarded to the most economically-advantageous tender, with a 70% bias towards price, and only a 20% weighting towards previous Local Government Pension Scheme (LGPS) experience.

The decision to appoint an external investment adviser follows the pension fund's overhaul of its portfolio last year, as it awarded two unconstrained equity mandates, valued at £145m, in February 2007 and in March.

It appointed Wellington Management Company to run a commodities mandate and Gottex Fund Management to create a portable alpha portfolio. (See earlier IPE articles: Flintshire awards £305m mandates and Clwyd finds commodities and portable alpha managers)
Closing date for tender applications to provide investment advisory services is June 16 2008, with the successful applicants expected to begin the three-year contract on July 1.

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