UK - Norfolk County pension fund has issued a tender to run an active currency mandate for assets worth up to £100m.
The £1.9bn fund is seeking to appoint a manager for a specialist active portfolio in currency overlay in a segregated or pooled structure, with returns of 1% sought.
Overall, the fund's total overseas equity exposure is £700m.
This is the first time the fund has tendered for this type of mandate and Norfolk County pension fund investment manager, Glenn Cossey, told Global Pensions the decision resulted from an asset liability study which he hoped would diversify and add alpha to the portfolio.
Norfolk County pension fund provides pensions for many employees from Norfolk County Council, district councils, parish councils and voluntary organisations.
With 23,000 active members, around 9,000 ex-employees retain a preserved pension, and there are some 12,200 pensioners.
These include non-uniformed police as well as fire staff and non teaching staff at schools and colleges.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.