UK – The £5.4bn (€8.07bn) West Midlands Pension Fund is looking for two internal equity investment managers following an internal restructuring.

The Wolverhampton-based scheme is seeking to recruit an investment manager for its private equity and alternative investment portfolio and compliance and one for its overseas portfolio.

The two vacancies have been created by a reshuffle following the appointment of Judy Saunders as chief investment officer, explained overseas equities head Tony Doyle. Saunders replaced Bryan Summers in March.

The two new managers would join a six-strong internal management team, which is in charge of between 80% and 85% of the fund’s assets. The balance is managed by external managers.

The private equity manager’s role is to assist the senior investment manager with the fund’s allocation to that asset class, as well as monitoring external managers and helping with selection.

The candidate for the overseas equity position is to help with allocation and management of the European portfolio as well as overseeing the management of the in-house US portfolio. Overseeing external managers is also expected.

The deadline for application is July 4 with assessment meetings on July 20.

Doyle said the fund hoped to get the new managers on board as soon as possible.

The fund allocates 39% to UK equities, 27% to overseas, 6% to global and 5% to private equities. The property portfolio is worth 8% of the fund, while fixed interest for the balance.