UK - West Midlands Pension Fund is looking for as many as six managers to run a global emerging markets portfolio, with initial investment of around £750m (€938m).

In the tender notice, Wolverhampton City Council - the fund's administering authority - said it wanted to appoint between four and six managers to a panel to manage an unconstrained portfolio of long-only global emerging markets equities on a segregated account basis.

While not all managers selected for the framework agreement will be immediately funded, they could receive a mandate at any time over its decade-long lifespan.

The investment performance target will be 3% per year gross above the return of a broad global emerging market equity index, over a rolling three-year period, the local authority said.

Total initial investment is expected to be around £750m, and the estimated annual value for the contract is £3.3m.

The panel of managers is expected to start early next year and run for a maximum of 10 years.

The deadline for receipt of tenders is October 15.

According to its most recent annual report, the £8.6bn West Midlands invests nearly a quarter of its £5bn equity portfolio in both frontier and emerging markets.

As of the end of March last year, it had seven emerging market managers overseeing £608m in the asset class, including Aberdeen Asset Management and Schroders.