UK - Northumberland County Council Pension Fund has embarked on a search for two managers in active global equity fund management.
The £600m fund has an allocation of 15% to actively managed overseas equities. Previously, this 15% allocation was managed by one overseas equity manager.
A spokesperson for the fund said: “The purpose of this fund manager search is to select up to two active global equity fund managers, one with a ‘value’ management style and one with a ‘growth’ management style.”
Each manager will look after approximately £45m (7.5% of the fund), however, it is possible that only one fund manager with both value style and growth style capabilities will be selected, and that this fund manager will manage the full 15% allocation of the total pension fund.
The contract is expected to start in November 2007, with no fixed termination date.
The contract will involve managing a portfolio of global equities with an objective of outperforming the MSCI All World Index by 1.5% (net of fees) per annum over three year rolling periods, with a tracking error of 4% to 6%.
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