UK - The London Borough of Camden and Buckinghamshire County Council have placed contracts out to tender worth between £880m and £1.3bn (US$1.77bn-$2.6bn).
The £80m fixed interest mandate is seeking a 1% or more out performance of a sterling broad market benchmark, comprising a composite index of credit and conventional UK gilts.
The global equities contract, which will be worth £400m, may be split between two managers. The investment will be expected to out perform a global market cap weighted benchmark by 2-3% a year.
The fund has said it will tender between £100-£500m for a passive mandate, based primarily on UK equities, but may also include bonds and global equities.
The £1.2bn Buckinghamshire CC fund has tendered for a £130m 'core plus' bond investment manager, a £130m global equities mandate and a £40-65m allocation to alternatives.
A spokesperson for the fund said the tender process was a result of a triennial review, but declined to comment further. The scheme had a 75% funding ratio at the time of its last valuation in 2007.
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