SEARCHES AND HIRES

University of Newcastle endowment issues call for U.K., global equity managers

University of Newcastle upon Tyne, England, is searching for two equity managers for its endowment fund, said a spokesman.

The 63.4 million ($81.1 million) fund will hire one U.K. equity manager and one global equity manager.

The active U.K. equity will manage 25 million to 35 million on behalf the endowment. The selected manager can include a small non-U.K. equities allocation but it must not exceed 20% of the total portfolio. The global equity manager will also manage 25 million to 35 million. Some allocation to U.K. stocks is allowed in this portfolio.

Each of the contracts will last 5 years. Both managers will be obliged to exclude stocks of tobacco companies from the portfolio.

The spokesman declined to provide additional information, including the funding sources for the searches.

The RFP is available on a U.K. procurement website.

Proposals are due by noon British Standard Time on June 30. A hiring date was not provided.