Dumfries (Scotland) & Galloway Council Pension Fund is searching for a U.K. or global real estate manager to run up to £40 million ($69 million), said Andrew Ewart, treasury and insurance officer.
The £400 million fund recently increased its real estate allocation to 10% from 5%; RREEF, which runs the allocation, can rebid. Dumfries & Galloway may choose one manager or split the allocation between two, Mr. Ewart said.
Funding comes from reducing global fixed-income manager Aberdeen Asset Managements £110 million mandate.
The RFI is available from consultant Hymans Robertson by e-mail to [email protected] Proposals are due Nov. 12. A selection is expected early next year.