EUROPE - The CHF26.5bn (€20.2bn) Swiss first-pillar fund AHV is looking for one or more active commodities future managers.

The fund, which posted an 11.5% return last year, already had a 2.2% commodity exposure as at the end of June, just under its target allocation of 3%.

For the new exposure between $20m and $50m (up to €40m) the fund has chosen a long-only, rule-based style, with a maximum drawdown of 10% and daily liquidity.

The portfolio will consist only of the individual futures within the S&P GSCI and their calendar spread, the AHV noted in the tender document.

The scheme added: "It is expected that the selected investment manager will realise an information ratio of 0.5."

Managers have to offer a fixed all-in fee and charge no performance fee.

In other news, the Getinge Group, a Sweden-based medical technology company, has appointed Hewitt as an investment consultant for its three UK pension schemes.

The schemes - Getinge UK, Huntleigh UK and Arjo - have combined assets of approximately £60m (€73m) and are closed to new entrants.

Under the terms of the deal, Hewitt will take on all day-to-day investment decisions for the funds.

Hewitt will enjoy full discretionary powers to design and implement a risk management programme, select and adjust the asset mix and appoint fund managers.

Ian Jones, finance director of ArjoHuntleigh UK, said the Hewitt fiduciary model was "compelling" from a cost perspective and the risk-reward profile.

Zuhair Mohammed, chief executive of delegated consulting services at Hewitt, said his company had seen increasing demand in the first half of this year from pension schemes wishing to delegate investment decisions.

"With Getinge," he added, "we have worked with the trustees of their three schemes to define their solvency-related benchmark, and we will now take on responsibility for their key investment decisions."

Finally, the £395m Harsco Pension Scheme has appointed LCP as trustee investment advisers.

Lynn Bartrum, who is the UK group pension manager at Harsco Corporation, said the company was impressed with the consultancy's approach, as well as its understanding of the issues facing the scheme.