Lothian Pension Fund, Edinburgh, is searching for active global equity managers to be placed on a preapproved list to run a total of up to £500 million ($815 million), said Stewart Piotrowicz, portfolio manager at the £3.5 billion fund.
Up to 10 managers could be included on the list, with three of the managers expected to be funded initially, according to Mr. Piotrowicz.
Funding will mostly come from existing active global equity portfolios run by Franklin Templeton and Lazard Asset Management. Both are invited to rebid. As of March 31, Franklin Templeton managed £180 million while Lazard handled about £220 million, according to the fund's annual report for the year ended March 31.
Proposals are due Sept. 2, and manager appointments are scheduled for February. No consultants advised on the search.