A group of six local government pension schemes is searching for money managers to form a new framework of passive equity investment, said Nigel Keogh, national LGPS frameworks manager.
The search is led by Norfolk County Council, Norwich, England, on behalf of its £2.9 billion ($3.9 billion) pension fund, as well as the Essex Pension Fund, Chelmsford; Hampshire County Council Pension Fund, Winchester; Kent Pension Fund, Maidstone; Northamptonshire County Council Pension Fund, Northampton; and the Suffolk County Council Pension Fund, Ipswich.
The group is searching for up to four managers, said Mr. Keogh in a telephone interview. LGPS funds are not required to hire a passive equity manager from this framework, but any of the local government pension plans in the U.K. may use it when looking to hire a manager. “It cuts down on time and cost” of running their own searches, Mr. Keogh said.
Further information can be found on the Norfolk County Council’s procurement website.
Interested managers should request information by Oct. 6 and the deadline for RFPs is Oct. 12; hiring decisions are expected to be announced by mid-November. Contracts will begin Nov. 14, running to Nov. 13, 2020.