UK - The £275m (€408m) Shetland Islands Council Miscellaneous Fund is tendering £80m of its assets, the council has said.

The fund, which is a reserve fund that the Scottish islands' council can use for anything it chooses, is looking to appoint one or more specialist managers in global equity to manage these assets.

It is being advised and assisted in the tender by consulting firm Hymans Robertson LLP.

The tender will go to "the most economically advantageous tender", with a track record, quality of client services and willingness to attend meetings in Shetland, says the Council.

Between five and 10 operators will be invited to tender or participate and the deadline for receipt of tenders or requests to participate is September 12.