Leicestershire County Council Pension Fund, Leicester, England, is restructuring the investments of its £2.17 billion ($4.22 billion) plan, eliminating its 15% bond portfolio, replacing it with a real-return strategy, reducing equities to 65% from 70%, and increasing its real estate allocation to 15% from 10%. The remaining 5% will stay in cash and other alternatives. As part of the restructuring, the plan is searching for at least one manager to run a £300 million real-return portfolio, confirmed Colin Pratt, investment manager. The bond portfolio is split almost evenly between UBS Global Asset Management and Morley Fund Management; they will not be terminated immediately. The changes are being delayed until equity and corporate bond markets are more stable, Mr. Pratt said. Much will depend on what happens in the market, he added. We wanted to set the wheels in motion; however, it may be that the managers may have to wait a little for the funding. Managers for the real-return portfolio will likely be appointed within the next nine months. Consultant Hymans Robertson is assisting.