LGPS Central, Wolverhampton, England, is searching for money managers to run a £1 billion ($1.4 billion) allocation to global active equity with a sustainable focus, according to its website.
The U.K. pool of local authority funds will split the allocation, which is expected to be launched in the second half of 2021, into three strategies: broad, targeted and thematic. The spokesman could not immediately provide details of the strategies, the number of managers that will be selected and how the allocation will be split between the strategies.
The pool is looking for managers with a robust and low cost process that integrate responsible investment sustainability factors into their investment process as well as strong governance.
Managers are expected to deliver an annual performance of between 1.5% and 2% above the fund's benchmark, the FTSE All World index, for the broad strategy and between 2% and 3% per year for the other two strategies, net of all fees.
To participate in the procurement process, candidates must register via the pool's procurement website. Applications should be sent by noon British Summer Time on June 18.
LGPS Central runs the pooled assets of eight local authority pension funds, which have a combined £45 billion in assets.