East Sussex County Council in Lewes, East Sussex, UK, has issued a tender for an investment manager to run a multi-asset absolute return mandate. At the moment, the mandate is for 10% of the pension fund's assets, equivalent to $255 million.
Only products that have a three year track record will be considered. In addition, the successful manager must have experience of managing an absolute return strategy for a local authority. The performance objective (which still has to be finalised) is expected to be to generate excess returns over three month Sterling Libor by a significant margin (expected to