East Sussex County Council Pension Fund, Lewes, England, is searching for at least one unconstrained global equity manager to run up to £125 million ($197 million), a spokesman for the £2 billion pension fund confirmed.
The manager or managers will aim to outperform a relevant global equity benchmark by 2.5 percentage points to 4 percentage points annually over rolling three-year periods.
Funding comes from terminating Fidelity Investments from a £300 million active global equity mandate in September 2011. The spokesman, who asked not to be named, would not say why Fidelity was terminated. The funds are currently parked with passive manager Legal & General Investment Management, which also runs an additional £500 million in passive equities for the fund.
Proposals are due Sept. 17, with a selection expected near the end of the year or in early 2013. Addition information is available from investment consultant Hymans Robertson at [email protected].