Fife Council Pension Fund, Glenrothes, Scotland, is searching for an absolute-return manager to run £100 million ($148 million) and an infrastructure manager to run £50 million, confirmed Katrina Evans, banking and investment team leader.
It is the first move into absolute return and infrastructure for the £1.1 billion fund. Hedge fund or fund-of-funds strategies will not be considered, however fund officials have yet to decide what type of absolute return strategy might be preferred, Ms. Evans said.
Both moves are being made for diversification at the recommendation of investment consultant Hymans Robertson. Ms. Evans said the plan will build up cash to fund the mandates; funding could also come from reducing equities, but a decision on which managers might have their mandates reduced has not been decided.
Proposals for both searches are due July 19. More information is available by sending an e-mail to Hymans Robertson, which is assisting in both searches, at [email protected] A selection is expected by the end of 2010, Ms. Evans said.