Leicestershire County Council Pension Fund, Leicester, England, issued an RFI for at least one manager to run a £300 million ($585 million) real return portfolio, confirmed Colin Pratt, investment manager. The £2.17 billion plan will fund the move as part of an overall restructuring that will eliminate its bond portfolio, which accounts for 15% of total assets and is split almost evenly between UBS Global Asset Management and Morley Fund Management; they will not be terminated immediately. A separate reallocation will result in equities being reduced to 65% from 70%, with the plan moving the five percentage points to real estate, bringing that allocation to 15% from 10%. The remaining 5% will stay in cash and other alternatives. However, because market conditions in both the equity and corporate bond markets have not been favorable, fund officials are delaying their exit strategy from bonds and equities until prices stabilize, 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. Proposals are due June 23. Managers for the real-return portfolio will likely be appointed within the next nine months. Further information can be obtained from consultant Hymans Robertson.