London fund shifts to global real estate

London Pensions Fund Authority Pension Fund is searching for a manager to run a £150 million ($290 million) active global real estate portfolio, according to Philip Jones, investment manager. The money is now being managed internally in U.K. real estate. The £3.5 billion fund is shifting to a global strategy to gain greater diversity and exposure to a wider set of opportunities, Mr. Jones said. RFPs are available from Mercer Investment Consulting, and proposals are due May 4. A selection is expected later this year, Mr. Jones said.