Somerset County Council Pension Fund, Taunton, England, is searching for a manager to run about £22.5 million ($32.2 million) in active long-only Japan equities, a new investment for the £750 million plan, said Anton Sweet, funds and investments manager.
Funding will come, in part, from trimming UBS Global Asset Managements £33 million Pacific equity portfolio, with the remainder coming from rebalancing; UBS will run £22.5 million in an Asia ex-Japan portfolio. Within the past 18 months, the fund also has created £22.5 million mandates each for emerging markets equity and private equity. Pioneer Global Investments was hired March 24 to run the emerging markets portfolio; a private equity manager has not been announced. Funding for all of the new mandates came from rebalancing.
Responses are due May 15. Additional information is available at http://www.somerset.gov.uk/somerset/centralservices/treasury/procurement. A selection is expected in the fall.