North Yorkshire Pension Fund, Northallerton, England, is searching for up to four U.K. core or core-plus real estate managers to run a combined £75 million ($123 million), said Tom Morrison, principal accountant for the £724 million fund.
Funding will likely come from equities so the fund can maintain its overall exposure to 85% return-seeking investments and 15% to liability-matching investments, Mr. Morrison said. Each of the fund's three equity managers — Baillie Gifford, Standard Life Investments and Fidelity Investments — runs about £175 million. Fund officials have not decided which allocations to reduce, he said.
North Yorkshire awarded ING Real Estate a £60 million global real estate mandate in 2008 that was never funded because of concerns for the asset class during the global financial crisis, Mr. Morrison said.
Proposals are due July 15; a selection is expected on Oct. 3. Further information is available from search consultant bfinance at [email protected].