UK - Lancashire County Pension Fund has begun a review of its investment strategy with a view to managing its portfolio more actively.

In a tender notice put out by Lancashire County Council (LCC), the authority said it planned to make "significant" changes to the overall strategy, with closer reference to the £2.9bn (€3.1bn) scheme's liabilities and the inherent volatility that came with them.

The council added: "LCC also intends to adopt a more active approach to the management of the assets, taking advantage of market opportunities and new investment vehicles as they arise."

It said part of the review would see changes made to its stable of investment managers, which according to its most recent annual report include Legal & General Investment Management, JP Morgan Asset Management and UBS Global Asset Management.

The new contracts, starting in January, will run for two years, with an option to extend for a further two years upon successful completion.

The scheme is looking for help on manager selection and monitoring, as well as advising on strategic and tactical asset allocation, with new approaches to liability de-risking also being welcomed.

Interested parties should contact the council by 26 November.

In other news, Kent County Council's £2bn Superannuation Fund is looking to invest £5m in currency hedging.

The fund said the active mandate would be used to cover all overseas equity investments, with both non-discretionary and discretionary approaches being considered.

However, Kent stressed that neither passive currency or pure absolute return hedging approaches would be accepted for the mandate.

Interested parties should contact Hymans Robertson - submissions are due by 2 November.