Devon County Council Pension Fund, Exeter, England, is looking for a manager to run a smart beta allocation, according to an announcement on European procurement website Tenders Electronic Daily.
The £3.1 billion ($5 billion) pension fund is looking for a manager to run a £250 million allocation to what it calls an “alternative indexation equity mandate” on a pooled or segregated basis.
The allocation should consist of a blend of value, quality and low-volatility approaches, said the announcement, while “single-factor dependency is to be avoided.” A global unhedged approach is preferred.
Executives at the pension fund had reviewed its investment strategy and strategic asset allocation policy over the 2013-’14 fiscal year, according to the latest annual report. “Some enhancements are being considered to reflect the changing economic environment going forward,” the report said. “This includes new allocations to infrastructure, and consideration of multisector credit as part of our fixed-income portfolio and alternative indexation (smart beta) within the allocation to equities.”
Interested managers must register their intent to participate on JLT Investment Consulting’s website by Nov. 7.
Executives at the fund could not be reached for comment by press time.
