Merseyside Pension Fund, Liverpool, England, established a framework agreement of equity protection managers, said Peter Wallach, director of pensions at the £9 billion ($11.6 billion) pension fund.
Eaton Vance Management, Insight Investment, Legal & General Investment Management, River and Mercantile Group, and Schroders were appointed to the framework agreement, or preapproved list, according to a notice European procurement website Tenders Electronic Daily.
An RFP was issued in July. The pension fund was seeking managers to provide overlay strategies such as basic put protection as well as more complex strategies such as put-spread collars.
"The (agreement) will enable the fund to 'call off' the framework as and when required. The fund is still evaluating matters. At present, there is no decision on how many managers will be used or the extent of the protection," Mr. Wallach said.