UK - The Cardiff and Vale of Glamorgan Pension Fund had appointed Mesirow Financial Currency Management and Goldman Sachs Asset Management to manage a £40m active currency mandate.
Cardiff and Vale of Glamorgan Pension Fund pension fund manager Richard Bettley said: "We have worked with bfinance on quite a number of searches because we like their approach and the transparent nature of the search process.
"The full audit trail provided at the end of the search helps us to ensure we meet the best practice for the [European Union] procurement standards."
bfinance said it had seen a "large increase" in interest in active currency over the last few months as a result of funds seeking uncorrelated returns in turbulent markets.
bfinance senior associate Imtayaz Ahmed added: "The better currency managers are showing some resilience to the difficult markets and in fact, some active currency managers have generated significant alpha in turbulent markets using strategies that capitalise on the volatility."
The Islington Council Pension Fund has also placed an active global equity mandate out to tender, worth between £200m and £250m, targeting a 2% return above an unspecified benchmark, on a rolling three year basis.
It added it would consider higher performance targets, but only as long as the underlying investment product was "mainstream", including large, medium and small cap, core, growth, value, stock-picking, quantitative, thematic, best-in-class, strategies.
However, long/short equity, market neutral, 130/30 and absolute return strategies were excluded.
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