National Employment Savings Trust Corp., London, is searching for managers to run two emerging markets index equity funds for its target-date series, confirmed spokeswoman Heather Tilston.
NEST, Britain's national auto-enrollment defined contribution system with about £42 million ($68 million) in assets, wants a global emerging markets equity index fund and will consider “any established, well-constructed EM equity index,” wrote Ms. Tilston in an e-mail. NEST also is seeking a second global emerging markets index fund that “features a 'value' style bias or tilt,” she added.
The two funds would join the eight other underlying funds that comprise the NEST Retirement Date Funds.
“We're continuing to refine our already sophisticated investment approach — these emerging markets mandates will allow us to further access an asset class with the potential to deliver good growth for our members as well as greater scope for diversification,” said Mark Fawcett, NEST chief investment officer, in a statement.
An RFP is available on the Tenders Electronic Daily website. Proposals are due at midnight on Nov. 29. Ms. Tilston said contracts will be awarded early next year.