UK - The London Borough of Enfield is seeking to appoint one or more active currency managers for its £520m (€768m) pension scheme.

The fund is looking for active currency funds "to provide a return in the region of 20% per annum above LIBOR."

The total allocation to active currency is 5% of the total fund, representing around £26m.

The award will go to the most economically advantageous tender. Tenderers can send in requests for proposals until April 10.

Elsewhere, the London Borough of Hounslow has replaced former custodian Bank of New York and appointed Northern Trust for custody and commission recapture for its £420m pension fund.

The fund, advised by consultant Thomas Murray, selected Northern Trust from a shortlist of four providers.

According to Alan Steele, the borough's director of finance, Northern Trust's experience in serving the local government pension scheme sector played an important role in the selection process.

Also, the firm's technology played a role, which the scheme said delivers the specific regulatory reporting required by local government pension scheme clients from a single integrated platform.