The Gwynedd Pension Fund, based in Caernarfon, Wales, is looking to establish a framework agreement for a number of unconstrained, active global equity managers. The objective will be to outperform a global equity index (provisionally the MSCI AC World Index).
While the mandate is long-only, the council will consider a wide range of investment styles and is not ruling out considering UCITS III funds.
The mandate is for up to 20% of the fund assets, or a total sum of $303 million, although this amount is likely to be divided among multiple man¬agers.
The pension fund, whose total