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.
The Co-operative Group's Somerfield Pension Scheme has completed a buy-in with Pension Insurance Corporation (PIC), insuring the benefits of its pensioner members.
Caroline Rookes CBE and Michele Hirons-Wood have joined The Pension Superfund's board of trustees to focus on maintaining governance standards and safeguarding member benefits.
The first specialist independent firm advising pension schemes on bulk annuities or moving to a consolidator has been set up with ambitions to shake up the market.