National Employment Savings Trust, London, Britain’s national auto-enrollment defined contribution system, is searching for up to four money managers to run direct real estate and global REIT strategies, according to spokeswoman Heather Tilston.
The sizes of the mandates were not disclosed.
NEST will hire managers to run a U.K. direct real estate fund, a U.K. direct real estate portfolio incorporating the policies of the NEST Ethical Fund, a global real estate investment trusts strategy and a global REITs fund aligned with the NEST Ethical Fund. The funds will be used as building blocks within NEST’s target-date funds among other options.
Proposals are due Jan. 25, and manager selections are expected in the second quarter. NEST is not using external investment consultants for the search. Further information can be obtained by registering at www.nesttenders.bravosolution.co.uk.