West Midlands Pension Fund, Wolverhampton, England, issued an RFI for managers to be put on a preapproved list to run a £750 million ($1.2 billion) unconstrained emerging markets equity portfolio, according to a pension fund official.
The £8.9 billion pension fund's total exposure to emerging markets will remain about the same. Pension fund officials are aiming to reduce the total number of managers and shift toward a more unconstrained approach, according to the pension fund official, who asked that his name not be published.
The emerging markets portfolio now is managed by Aberdeen Asset Management, Capital International, Emerging Markets Management, Nomura Asset Management, Pictet Asset Management, Franklin Templeton (BEN) Investments (BEN) and Schroder Investment Management, according to the pension fund's 2011 annual report. The portfolio is split about equally among the managers, who are invited to rebid.
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Proposals are due Oct. 18. Managers are expected to be announced in the first quarter of 2013.
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