Border to Coast Pensions Partnership, Leeds, England, is set to launch searches for global equity managers and a global equity manager of managers, said Rachel Elwell, CEO of the £46 billion ($59 billion) pool of U.K. local authority pension funds, in an email.
The majority of the pool's global equity alpha subfund, which is expected to launch later in 2019, will be managed by four to six global large-cap equity managers with allocations between £500 million and £1.5 billion each, Ms. Elwell said. Border to Coast will oversee these direct global equity managers, Ms. Elwell said.
Separately, the pension fund will also search for a manager of managers to run between £500 million and £1 billion. The manager will focus on selecting specialist managers to run emerging markets equity and global small-cap equity exposures for the pool participants.
"At present no managers are in place. We are aiming to send out the RFPs for both the direct global equity managers and the multimanager over the next 10 days," Ms. Elwell said.