Strathclyde Pension Fund, Glasgow, Scotland, issued RFIs for at least one active real estate manager to run up to 12% of the £9.1 billion ($15.2 billion) fund, according to Jacqueline Gillies, chief pension officer.
Aberdeen Property Investors manages the fund’s real estate portfolio, about 8% of assets, invested primarily in U.K. direct investments. The firm can rebid, Ms. Gillies said.
Following an asset allocation review completed earlier this year, officials broadened the portfolio to potentially include up to £400 million each in a U.K. real estate fund of funds and a global real estate portfolio. The remainder of the portfolio will remain in a U.K. direct real estate strategy, she said.
Strathclyde’s target real estate allocation is 12%, Ms. Gillies said.
Funding will partly come from cash; the source of the rest of the funding has not been determined.
Proposals are due Dec. 23, and managers are scheduled to be appointed by May 2010. Further information can be obtained from investment consultant Hymans Robertson via e-mail at [email protected]