Royal County of Berkshire Pension Fund, Maidenhead, England, is searching for a currency overlay manager, documents on a local government procurement website show.
The search is being conducted by the Royal Borough of Windsor and Maidenhead, the administering authority for the £1.6 billion ($2.7 billion) fund.
The fund is looking for a single manager to run a currency overlay program, according to documents. The manager would bring the fund’s currency exposures in line with its currency benchmark.
Pension fund officials amended the currency hedging policy in April 2012, managing exposures against a strategic currency benchmark, according to the 2013 fiscal year report. The report said executives appointed The Cambridge Strategy to manage the currency overlay resulting from the implementation of its currency benchmark.
The same report said that, as of March 31, 2013, the fund had £1.1 billion of overseas assets. Proposals are due Sept. 4. The five-year contract is due to start April 1, 2015.
More information is on the local government procurement website.
Nick Greenwood, pension fund manager, could not be reached for comment by press time.