LGPS Central, Wolverhampton, England, is searching for up to three global active managers to manage a £660 million ($827 million) allocation to multiasset credit, a spokesman for the pool of U.K. local authority pension funds said.
The £45 billion pool's multiasset credit portfolio will consist of 10% government bonds, up to 10% in investment-grade bonds, up to 10% in emerging market debt and up to 10% in non-sterling currency debt exposure. The remainder will be invested in sterling-hedged credit assets.
Investments will be benchmarked against a three-month sterling overnight index average, known as SONIA. The selected managers, which must have a responsible approach to investing, will be expected to return 3% to 5% above the benchmark.
Successful candidates will need to be able to demonstrate a low cost and value for money investment process, LGPS Central said on its website.
Managers should apply via email by noon BST on June 30.
Shortlisted applicants will be invited to complete an RFP.
