Cornwall County Council Pension Fund, Truro, England, is searching for an LDI manager to run £50 million ($78 million), confirmed Matthew Trebilcock, deputy head of treasury and pensions at the £1.2 billion council.
The manager is expected to invest in bonds or other appropriate liability-driven investment instruments.
The fund was 78.3% funded as of March 30, 2010, its latest valuation.
The fund plans to increase the size of the account to 20% of total fund assets, or about £240 million, over time.
Proposals are due Sept. 17, with a selection expected by the end of the year. JLT Investment Consulting is assisting. More information is available by sending an e-mail to JLT at firstname.lastname@example.org.