LGPS Central, Wolverhampton, England, is searching for up to three active global emerging market bond managers to run a £900 million ($1.18 billion) allocation, according to the fund's website.
Managers will be benchmarked against the sterling-hedged J.P. Morgan EMBI Global Diversified index. LGPS Central is looking for managers offering low-cost strategies with a focus on responsible investment that will deliver net performance of at least 100 basis points over the index.
Half of the allocation will be invested in hard-currency sovereign and quasi-sovereign bonds. The rest will be split between local currency sovereign and hard currency corporate bonds. LGPS intends to limit each subasset class to a maximum of 30% of the emerging markets debt portfolio.
The tendering process is a multistage procedure. Submissions should be sent via email by noon on Dec. 23 Greenwich Mean Time. Successful applicants will be invited to complete an RFP.
An LGPS Central spokesman declined to comment.