UK - The £2.1bn (€3.1bn) Essex County Council Pension Fund has tendered up to €1.46bn in active currency overlay.

"The mandate(s) will be for specialist active currency overlay management," the county in eastern England said. "The mandate(s) will be a notional portfolio of between £500m and £1bn (€1.46bn)."

The mandate may also include a passive hedge element, the Chelmsford-based fund said.

The scheme is being advised and assisted in the tender by consulting firm Hyman Robertson.

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

The tender will go to "the most economically advantageous tender", with quality of client service and willingness to attend meetings in Chelmsford one of 10 additional factors.

The deadline for receipt of tenders or requests to participate is September 9.