The London Borough of Lewisham will be looking this month and next for an external manager for two mandates.

One is a £120m ($195m) bonds mandate and the other a £230m balanced mandate that includes some international equities.

According to Simon Bartlett of the Glasgow-based consultancy Hymans Robertson, which is conducting the search for Lewisham: We are looking for a balanced all-round player and expect to be shortlisting and interviewing this month and then beauty parading in June."

Lewisham prefers a single provider for its investment portfolio - a significant proportion of which is index-linked/property - and the duration of the contract will be for three years.

All else being equal, the mandate will be determined on price and awarded to the "economically most advantageous tender"."