East Sussex County Council Pension Fund, Lewes, England, is searching for a passive fundamental global equity manager to run up to £200 million ($318 million), a spokesman for the £2.1 billion pension fund confirmed.
Funding comes from the September 2011 termination of Fidelity Investments, which ran £300 million in active global equities. The spokesman, who asked not to be identified, wouldn't say why Fidelity was terminated.
The money is parked with passive manager Legal & General Investment Management, which runs an additional £500 million in passive equities for the fund.
Investment consultant Hymans Robertson recommended the move into passive fundamental global equity as part of the pension fund's annual strategic review in June.
Proposals are due Jan. 8, with a selection expected before the end of the first quarter, according to the spokesman. Additional information is available from Hymans Robertson at [email protected]