LGPS Central Ltd., Wolverhampton, England, hired three money managers to run its Global Active Equity Multi-Manager fund when it is launched later this year.
The £40 billion ($52.3 billion) asset pool of nine underlying local government pension schemes said in a news release Wednesday that it hired Harris Associates, Schroders and Union Investment to manage what is expected to be a more than £2 billion strategy.
The news release said 150 money managers from around the world expressed initial interest in participating in the search.
"After a rigorous international due diligence and selection process, we are confident that the combined blend and style of these three particular managers will assist us in meeting the investment objectives of our partner funds," Jason Fletcher, chief investment officer at LGPS Central, said in the release.
An executive at LGPS Central said the search was launched in February.
LGPS Central is made up of the pension funds of nine U.K. administering authorities: Cheshire, Derbyshire, Leicestershire, Nottinghamshire, Shropshire, Staffordshire, West Midlands, Worcestershire and the West Midlands Integrated Transport Authority.