J. Sainsbury PLC, London, pension plan is appointing a money manager to run a new £100 million ($160 million) passive international equities portfolio that will be benchmarked to the FTSE Multinationals index of 480 global companies. The £2.6 billion plan will be one of the first U.K. plans to use this index when the portfolio is launched in early January, said Geoff Pearson, pensions manager. The three money managers on the shortlist for the mandate are Barclays Global Investors and incumbents Legal & General Investment Management and State Street Global Advisors U.K., which each manage passive equity mandates for the fund. L&G runs a £850 million U.K. equity portfolio, and SSgA manages £60 million in U.S. equities. Trustees decided to reduce the funds exposure to U.K. equities by five percentage points, because of concerns the fund was overexposed to a few large U.K. stocks and underexposed to sectors such as technology and motor manufacture. The fund has 55%, or £1.5 billion, invested in passive U.K. equity. That is a terrific home bias, and we will pare that back, said Mr. Pearson. Just 25%, or £650 million, of the fund is invested in non-U.K. assets.