UK - The £1.18bn (€1.85bn) East Sussex County Council Pension Fund has tendered has tendered up to £500m in active currency overlay, a new move for the council.

"The mandate(s) will be for specialist active currency overlay management," the county in southern England said. "The mandate(s) will be for a notional portfolio of between £250m and £500m."

The scheme, with almost 37,000 members, is being advised and assisted in the tender by consulting firm Hymans Robertson LLP.

Gavin MacKintosh from Hymans explained that East Sussex County Council has set money aside from the overall scheme for the overlay.

Between four and 12 operators will be invited to tender or participate.

The tender will go to "the most economically advantageous tender", East Sussex council said.

The deadline for receipt of tenders or requests to participate is September 11.