The London Borough of Croydon Superannuation Fund, with 290 million ($476 million) in assets, is seeking a U.S. small-cap manager to run up to 15 million.
The fund will conduct the search itself. Applications must be submitted by Dec. 9.
The fund, which is 95% invested in stocks and 5% in cash, currently has no presence in U.S. equities, explained Ivan White, treasury investment manager. He said the fund is committed to small-cap stocks as ``the best source of added value.'' The fund has small-cap portfolios in Britain, continental Europe and Japan.
Assets for the new hire probably will come from cash and an internally managed U.K. equities portfolio.