The Rhondda Cynon Taff County Borough Council Pension Fund, Porth, Wales, is searching for a manager to run a £100 million ($190 million) active real estate strategy, said Yvonne Keitch, investment manager. Funding will come from reducing two £490 million multiasset portfolios managed by F&C Asset Management and Baillie Gifford by £50 million each. The £1.1 billion pension fund is also searching for a manager to run a £50 million active currency strategy, Ms. Keitch said. It is a new allocation, with much of the funding to come from cash. Both moves are being made for diversification.
RFPs for both searches are available from consultant Hewitt Associates. Proposals are due Dec. 11, and managers for both strategies will be appointed in the spring.