London Borough of Redbridge Pension Fund, Ilford, England, is searching for equity managers to run a combined £155 million ($247 million), said Hilary Taylor, principal financial officer for the £400 million fund.
A passive global equity manager is needed to run £125 million, while active emerging markets and Asia-Pacific equity managers are sought to run £16 million and £14 million, respectively.
All of the mandates will be funded by assets formerly run in a £155 million active global equity mandate by AXA Rosenberg, which was terminated in September after fund officials decided to move most of the assets to passive management.
The money was parked in a Legal & General Investment Management passive global equity portfolio; the firm is expected to bid for the passive mandate.
Investment consultant JLT Benefit Solutions recommended the fund carve out active Asia-Pacific and emerging markets allocations in February, Ms. Taylor said.
Proposals for both the active and passive searches are due Sept. 7, with selections expected in the early part of 2011, Ms. Taylor said. JLT is assisting with the active searches. Further information is available from Ms. Taylor at [email protected]