The Merseyside Pension Fund, Liverpool, England, is searching for a manager to run an active £100 million ($172.66 million) European ex-U.K. equity portfolio, said Peter Wallach, compliance and strategy manager, in an interview.
Funding comes from a £160 million active pan-European equity portfolio managed by Wellington Management; the firm can rebid. The balance of the portfolio was used to increase the fund's exposure to alternatives and overseas equities, Mr. Wallach said; he declined to provide details.
The move is part of an overall portfolio restructuring that reduces U.K. equity exposure to 31% from 36% of assets. In addition, the £3.8 billion fund will increase alternative investments to 18% from 16% of assets and increase global equities to 25% from 22% of assets. Another 25% of the fund is invested in bonds, while the rest is in cash.