UK - Lancashire County Council pension fund has placed a specialist global passive mandate worth £350m (US$630m) out to tender.
Speaking to Global Pensions, Mark Bennett , principal accountant of the funds, said the pension scheme had been looking at passive investments for a while and the tender was part of a slight strategic realignment.
He said: "The fund is quite keen on passive investments. There's a general move to passive as opposed to active at the moment. There are a lot of studies that suggest, over the long term, active investments don't necessarily produce the results we'd expect and underperform passive investments."
He added the fund had no other plans to change asset allocation in the near future. The deadline for tenders is 17 October 2008.
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