UK - The £900m (€1.3bn) City and County of Swansea pension fund is looking for up to 12 specialist managers, including hedge fund and private equity specialists, to manage some of its assets.

Following a major review of the portfolio by the investment board, the fund will move away from the current split of assetinto a passive global balanced mandate and an active UK equities mandate.

The fund wants to invest from next year in:

global (ex-UK) equities - assets worth £178.5m; diversified fixed income (£76.5m), fund of hedge funds (£42.5m), Global Tactical Asset Allocation (£17m), £42.5m into a global and/or European property fund of funds and £25.5m into a private equity fund of funds.

The fund will retain its incumbent managers Legal & General (global balanced mandate) and Schroders (UK equities) but the "scope of their briefs is set to be altered", Jeff Dong, chief treasury officer at the council, told IPE.

Under the global equities brief, the fund will accept multi-manager and 130/30 strategies seeking returns of +2% to +4% gross of fees against MSCI or FTSE World ex-UK.

For the fund of hedge fund mandate, the fund is looking for one or two managers to invest in multi-strategy and pooled structures only. Returns are expected to be Libor +4%, net of all fees.

The private equity brief is scheduled to grow to £30m in the future and investment in pooled structures is preferred, while diversification according to stages, countries and size is essential.

In order to facilitate the re-structuring of the portfolio the fund - advised by bfinance - Swansea is also looking for a transition manager.

Deadline to participate in both tenders is October 26.