UK - The £1bn (€1.48bn) Wiltshire County Council Pension Fund is tendering for pension investment services representing a total of up to £525m in active currency, unconstrained global equity and long-short equity.
The move by the southern English county follows a major review in which the fund decided to make a number of changes to its investment structure.
The scheme today announced it is looking for three new investment managers: one for its unconstrained global equity portfolio, one for its active currency overlay portfolio and passive hedging of its overseas currency, and lastly one for a long/short equity portfolio.
The scheme will introduce currency hedging for 75% of its currency exposure and an active currency strategy for 100% of its currency exposure with a tracking error target of 2% to 3%.
Also, the fund will move approximately £50m (5% of the assets) to long/short equity, half of which will be take from Western Asset Management's bond portfolio.
The global equity portfolio represents around £75m (7.5% of the fund's assets), for which between five and 10 participants will be invited to tender.
Lastly, the active currency mandate is in the form of a notional portfolio of £300m to £400m, which will also include a passive hedge element of the fund's overseas currency exposure.
The scheme is being advised in the tendering procedures by consultancy firm Hymans Robertson LLP.
Time limit for receipt of tenders or requests to participate is November 17. The appointments are expected to come into force next summer.