London Borough of Hounslow Pension Fund, London, hired Fidelity International to run a £75 million ($94 million) to £100 million long-only multiasset income allocation, said a notice Nov. 19 on European procurement website Tenders Electronic Daily.
The £805.3 million pension fund launched a search in March for a manager to provide a minimum yield of 4% per year.
The pension fund wants the manager to provide scope for capital growth from exposure to a diversified set of assets, including equities, fixed income and real estate, said a notice on TED in March.
Fidelity’s contract will run for five years. A funding source could not be learned by press time.
Spokesmen for the pension fund could not be reached for comment by press time.