The North Yorkshire Pension Fund is tendering for an independent investment adviser.

The £2.3bn (€3.1bn) local authority pension fund said the adviser would start the new role at the beginning of September, initially being employed for three years.

In addition to advising on the fund’s strategic asset allocation and the performance of individual mandates, the local authority fund said the adviser would be expected to update the fund’s pensions committee on market developments.

While the initial contract is set to run until the end of August 2019, North Yorkshire said it could be extended by one year three times, but no more than that.

The fund’s administering authority hopes to attract interest from five advisers by the end of May.

In other news, Germany’s PVW, the pension fund for psychotherapists in five federal states, has outsourced its asset management.

EYB & Wallwitz, a Munich-based asset manager, said it had assumed responsibility for the Versorgungswerk, a first-pillar provider for self-employed workers, as of the beginning of April.

Eduardo Mollo Cunha, head of distribution at the asset manager, said the mandate award was noteworthy, as it came shortly after a similar award by a pension fund for the construction sector.