Cheshire Pension Fund, Chester, England, issued an RFP for an investment consultant, said an official of the £2.8 billion ($4.4 billion) pension fund who asked not to be named.
The official declined to provide further details about the mandate.
According to the pension fund's most recent annual report for the year ended March 31, 2011, Mercer and Hymans Robertson were listed as investment consultants.
During the same year, an asset allocation review also resulted in several changes to the investment portfolio. The new target allocation through 2012 would reduce the total equities exposure to 44% from 64% of total assets. Of that, 15 percentage points would be shifted into absolute-return strategies, while 5 percentage points would go toward an opportunities fund, both of which are new strategies, according to the report.
Proposals are due March 13. Further information can be obtained from Cheshire's procurement website.