South Yorkshire Pension Fund, Barnsley, England, hired Royal London Asset Management to run a £250 million ($378.7 million) buy-and-maintain credit strategy.
Mercer conducted the search on behalf of the £5.6 billion pension fund, according to an announcement posted on European procurement website Tenders Electronic Daily. The search was launched in January.
The original RFP said the allocation should focus on sterling-denominated credit, although an allocation to major overseas markets, with a hedge back to sterling, may be considered.
Executives at the pension fund could not be reached by press time. An official at Mercer declined to comment.