Derbyshire County Council Pension Fund, Matlock, England, hired Colliers Capital Holdings to run its £114 million ($177 million) real estate portfolio, said a spokesman for the administering council.
Tender documents said the successful manager would provide both operational and financial management of existing assets, and “the formulation and execution of a strategy to diversify the U.K. real estate portfolio further.” The £3.4 billion pension fund's investment committee is proposing to add “a significant cash sum” to the allocation, the value of which will be dependent on the outcome of the pension fund's actuarial asset/liability study.
The contract will run for four years, but there is the potential for two, three-year extensions. It will last no longer than 10 years, said the notice.
The spokesman said Colliers Capital replaces Keneth Peters & Co.