Avon Pension Fund, Keynsham, England, is searching for a manager to run £150 million ($227 million) in emerging markets equity, confirmed Matt Betts, assistant investments manager.
Funding will come from reducing the £3.1 billion pension plan's passive developed markets equity portfolio to work toward a new strategic target allocation of 10% to emerging markets equity, Mr. Betts said in a telephone interview. The current allocation is 5%. No managers will be terminated.
Investment consultant JLT Investment Consulting is assisting.
The RFP is available on a regional procurement website. Proposals are due Sept. 10. A hiring decision is anticipated in early December, Mr. Betts said.
Bath and North East Somerset Council administers the Avon Pension Fund.