US - The US$10bn Ohio Police & Fire Pensions Fund (OP&F) has tendered for one or more managers for a $200m active currency mandate.
The fund said it would select one or more managers for the notional assets in an active stand-alone currency strategy that attempts to add alpha and does not function merely as a hedging vehicle. This strategy will be overlaid on the OP&F assets invested in a Russell 1000 Index fund.
The selected manager or managers would also be required to submit monthly asset, transaction and performance statements within two weeks of each calendar quarter end, attend performance reviews and provide monthly/quarterly performance reconciliations to OP&F and OP&F's general consultant, Wilshire Associates.
OPF spokesman David Graham said it was the first time the fund had sought an active currency manager as it looked to expand its existing portfolio.
The deadline for submissions is 16 December, 2005.
The government is in talks with the UK and Irish pensions regulators over how to protect members of cross-border schemes in the event of a no-deal Brexit.
The equalisation of guaranteed minimum pensions (GMPs) is at least two years away from being completed, and could take longer than four years for some schemes, a poll has found.
The Pensions Regulator will consider if schemes should be required to have professional trustees and assess the case for greater regulation of administrators and system providers, PP can reveal.
UK inflation fell from 2.3% to 2.1% in December, approaching its lowest rate for two years, according to the Office for National Statistics (ONS).