U.K.’s Pension Protection Fund wants liquid alternatives managers

Pension Protection Fund, London, is searching for managers to run liquid alternatives strategies that currently account for about 5% of total assets, according to Ana Moreno, spokeswoman for the £13.5 billion ($20.6 billion) fund.

The portfolio will include managed futures, macro and global tactical asset allocation strategies. Current managers of those types of strategies, which are all invited to rebid, are: Aspect Capital, BlueCrest Capital Management, Cantab Capital Partners, Neuberger Berman, QS Investors and Winton Capital Management. “The board's existing GTAA managers will continue to supply services to the portfolio in accordance with their original letters of engagement,” according to the tender announcement posted on the fund's website. “However, they will need to reapply in order to remain eligible for continuing to work for us.”

The liquid alternatives portfolio will vary over time, depending on the opportunities available and market conditions, according to Ms. Moreno.

Proposals are due May 16, and managers are expected to be appointed in the fall. Mercer is assisting. Further information can be obtained on the PPF's website.