Greenwich’s local authority fund pension fund is tendering 40% of its portfolio as it looks to hire a new equity manager.

The Royal Borough of Greenwich said it was tendering an equity portfolio worth £400m (€565m) and that it hoped to hire a single manager to oversee a passive equity mandate split across UK shares and global market-cap weighted indices.

It said it would prefer to invest in an existing pooled fund solution, using a fundamentally weighted global equity index, such as the FTSE Research Affiliates 3000 index.

Those interested in the equity mandate have until 16 December to register their interest with the council’s procurement department.

The £400m tender comes shortly after the £1bn fund tendered a £100m diversified alternatives mandate.

The local authority fund earlier this year decided on an amended strategic asset allocation, which will see it increase its equity exposure slightly to 50% of assets.

It currently employs State Street and BlackRock as its global equity managers.

State Street was only appointed in August 2013, after a mandate by another asset manager was terminated.