UK - The Cheshire local authority pension fund has invited applications from firms to manage a £330m active bond mandate.
The allocation accounts for approximately 14% of the £2.3bn fund and was previously managed by Baillie Gifford and Legal & General.
A spokesman for the portfolio said it was part of a “strategic review'' and its decision to move to an unconstrained active investment approach in fixed income.
The contract is intended to be open ended and will have an out performance target of between +1% to 2% above an appropriate benchmark.
Firms can submit applications up until 9 July 2007.
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