Dorset joins currency trend

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UK - The £1.4bn (€95m) Dorset County Council Pension Fund is looking for an active currency manager.

The fund put out a tender for a £35m active currency mandate, advised by bfinance.

The fund's investment committee decided in its June session to add an active currency portfolio to the 50% passive currency hedge it put in place 2005.

Interested managers have until September 21 to take part in the tender. The council hopes to start its investment in the new asset class in early March 2008.

The Dorset pension fund recently appointed European Credit Management (ECM) and Royal London Asset Management to share a £280m fixed interest mandate.

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