Staffordshire County Council Pension Fund, Stafford, England, is searching for at least one active global equities manager to run up to a total of £600 million ($973 million), said John Wood, assistant director, technical and pensions at the £2 billion pension fund.
Funding will come from reducing a £700 million FTSE All-Share index fund run by SSgA.
The move, recommended by investment consultant Hymans Robertson, is being made to increase diversification and because higher returns are expected from active managers running non-U.K. equities, Mr. Wood said.
AllianceBernstein currently manages £200 million in active global equities for the plan. That portfolio is not affected by the search.
More information is available from bfinance, which is assisting in the search, at [email protected] Responses are due Dec. 3, with a selection expected by March.