UK - The £640m (€944m) London Borough of Tower Hamlets Pension Fund is looking to appoint one or more managers for a specialist currency mandate of between £100m and £500m.

In an official contract notice, the council tendered for "active currency mandate(s) in the form a notional portfolio of £100m to £500m", but added the mandate may also include a passive currency overlay.

A spokesman for the local authority told IPE this morning it is a new mandate.

Asked why the fund has decided to invest in currency, he commented: "Because we have a higher proportion of overseas equities now."

The council is being assisted by Hymans Robertson in the tender process and the time limit for receipts of tenders is October 17.

The fund replaced Schroders in May, on a balanced managed mandate, with two specialist managers.

A £90m UK equity brief was awarded to Aberdeen Asset Management alongside the second mandate in this asset class which has Martin Currie currently managing another £100m.

Baillie Gifford also won a £60m global equities mandate which is an addition to the £140m currently run by investment manager GMO.