East Sussex County Council Pension Fund, Eastbourne, England, issued an RFI for at least one manager to run £425 million ($848 million) in active global equity and a separate RFP for a £275 million passive U.K. equity mandate, confirmed John Shepherd, pension fund accountant. Officials of the £1.75 billion fund have not decided how the global equity portfolio will be funded, Mr. Shepherd said. The passive U.K. equity portfolio is being managed by Legal & General Investment Management on an interim basis. Mr. Shepherd did not have any further information. Overall, 26% of the plans assets are in U.K. equities and 32.5% are in overseas equities.
UBS Global Asset Management, Capital International and Fidelity International together manage the active equity portion as part of a multiasset strategy, Mr. Shepherd said. He did not know if the firms can rebid.
The deadline for the global equity mandate proposals is May 9, while proposals for the passive U.K. equity portfolio are due May 27. Further information can be obtained from consultant Hymans Robertson at http://www.hymans.co.uk.