The Nursing and Midwifery Council, London, hired Sarasin and Partners to run about £30 million ($37 million) in long-term investments.
The council, which regulates the nursing and midwifery industries in the U.K., hired the firm to run the assets and with "full responsibility to take decisions as to how funds are invested within the framework of our investment policies," a notice filed with European procurement website Tenders Electronic Daily said.
Responsible investment specialist Sarasin and Partners has £12.9 billion in assets under management.
A search launched in August said the council is looking to make better use of its more than £90 million in cash holdings, which "significantly exceed the current working capital requirements."
The council expects the assets to remain invested for the long term, with access unlikely to be required in the next five to 10 years.
The council said in its 2019 annual report that a new investment policy was approved in last year, allowing for the investment of excess cash in strategies that include equities and bonds.
Spokesmen for the council could not be reached for comment.