Devon County Council Pension Fund, Exeter, England, hired Aviva Investors to manage a £145 million ($229 million) real estate fund of funds, said Barry White, the £2.6 billion pension fund's investment manager.
The strategy could increase by £20 million per quarter over the next five quarters, depending on market conditions, Mr. White said.
The portfolio had been managed internally.
The RFP was issued in May 2011. JLT Benefit Solutions advised.