UK - The £3.47bn Lancashire County pension fund has tendered around £100m (€146m) in fund of hedge funds.

Preston-based Lancashire County Council said it is “seeking to appoint a specialist fund of hedge funds investment manager for the Lancashire County pension fund”.

“The size of the mandate to be managed is likely to be approximately £100m.”

The fund is being advised by Mercer Investment Consulting in Liverpool, from whom additional information is available. The contract is for a minimum six months.

The tender calls for “the most economically advantageous tender in terms of the criteria stated in the specifications”.

The deadline for receipt of tenders or requests to participate is August 8.

Meanwhile, the Suffolk County Council Pension Fund has tendered £1.1bn in custody, putting incumbent provider State Street under scrutiny.

The tender is being managed by consulting firm Hymans Robertson in Glasgow for the Ipswich-based council.

The tender is to “appoint a custodian to provide safekeeping and other services relating to the assets of the Suffolk County Council Pension Fund”.

The contract is for five years.

Between two and eight providers will be invited to tender or participate.

The fund is looking for the “most economically advantageous tender” in terms of systems, internal controls, settlement procedures, dividend collection, sub-custodians, corporate governance and fees.

The deadline for receipt of tenders or requests to participate is August 2.

And in other news, the Tyne & Wear pension fund has tendered valuation services for its €450m commercial property portfolio.

The portfolio, currently managed by Arlington Property Investors, comprises 33 properties located across the UK.

The incumbent, Lambert Smith Hampton, declined to comment on whether it would pitch for renewal of its contract.