UK - The £1.1bn (€1.6bn) North Yorkshire Pension Fund says it has tendered a £44m Global Tactical Asset Allocation mandate following a review of its equity investment strategy.

"Following a move towards specialist fund managers the fund is seeking a Manager for a £44m overlay portfolio to add value through asset allocation decisions," the fund said.

The brief represents around 4% of the assets of the Northallerton-based scheme's assets, according to the tender document.

The fund is being advised by Philip Williams, as independent investment adviser.

The three-year contract - with an option to extend for up to a further six years - will go to "the most economically advantageous tender in terms of the criteria stated in the specifications".

Between five and 10 firms will be invited to tender or to participate. The deadline for expressions of interest is 31 August 2006.

Last month the fund - which completed the restructuring of its portfolio lat year - axed JP Morgan as its custodian after almost five years.