UK - Lothian Pension Fund (LPF) is looking for a manager to handle a £150m (€222m) global emerging markets equity mandate.
A spokeswoman for LPF confirmed the incumbent manager, Lloyd George Management, will be "considered along with other managers" for a six-year contract to manage 5.1% of the Edinburgh-based local government pension fund.
A tender process has now begun to find a manager for the unconstrained segregated global emerging markets mandate, which also has an additional three-year option, as Lloyd George's contract expires on June 31 2008.
Performance target for the new mandate will be in excess of 2% per annum above the MSCI Emerging Markets Index, rather than the existing 3% per annum on a rolling three-year period currently required of Lloyd George, according to information available on the LPF website.
Deadline for tender submissions is August 9 2007 and the tender process is then expected to take around six months to complete before an appointment is made by Lothian in January 2008.