UK - Merseyside Pension Fund is seeking a passive manager to look after a reformed £320m (€476m) US equity mandate.

Peter Wallach, head of the £4.2bn Merseyside local authority pension fund, said it is moving 8% of its assets into a US equity passive mandate, rather than maintaining two separate US mandates of 4% each in active and passive management.

He said the fund has decided to withdraw its active assets from growth manager RCM and place all 8% of the fund into one three-year index-tracking tender.

"We took a strategic decision as RCM was not capturing the whole of the market potential, as growth had been underperforming over the last 3-4 years. At the same time, we are putting out the same passive mandate for our American allocation so have decided to put all into one allocation," he added.

Interested parties must submit a pre-qualifications questionnaire by July 26 and shortlisted candidates will then be invited to make restricted tenders.