London Borough of Barking & Dagenham Pension Fund, Dagenham, England, is searching for a manager to run a £50 million ($82.7 million) diversified alternatives portfolio, according to a posting on Tenders Electronic Daily, a European procurement website.
The allocation will be managed through a pooled fund or segregated account, and only one manager is expected to be appointed, according to the posting.
The pension fund, which had £636.3 million in assets as of March 31, revised its investment strategy in 2012. As of March 31, these changes saved the pension fund money “from reduced fund manager and custodian fees, while moving to a more diversified asset allocation,” according to pension fund's annual report for the year ended March 31.
Interested managers should contact search manager bfinance, which is assisting, at [email protected].
Pensions manager Justine Spring was not available to comment by press time.