North Yorkshire County Council Pension Fund, Northallerton, England, is considering making its first investment in global real estate and will switch its overseas equity portfolio to a passive strategy from active, searching for at least one manager to run a total of £250 million ($492 million), according to Tenders Electronic Daily, a European Union public procurement website. The £1.2 billion plan is considering an investment of about £60 million in global real estate. Neither Neil Sellstrom, the funds principal accountant, nor Philip Williams of investment consultant AllenbridgeEPIC Investment Advisers could be reached for further details.
At a Feb. 14 meeting, officials decided to make its first investment in global real estate. The equity content (of the funds portfolio) could be reduced slightly and an allocation of around 5% to global property would be desirable, according to the minutes of that meeting. Equities had accounted for 76% of the funds total assets while fixed income totaled 21% of the entire portfolio, according to its 2006-2007 financial statement. The remainder was in cash.
On Dec. 7, fund officials decided to switch the U.S. equity portion of that strategy to passive from active, and to search for an active manager for the remainder of the portfolio, according to the minutes from the pension funds committee meeting. According to the funds financial statement for the year ended March 31, BGI ran the funds £273 million overseas equities portfolio. BGI is invited to rebid.