UK - The £400m (€594.52m) Dumfries & Galloway Council Pension Fund is looking to put its global equity portfolio into active management again, after axeing Deutsche Asset Management.

The fund, which put out a tender today looking for specialist global equity manager for a total portfolio value of between £80m and £160m, said it axed DeAM 18 months ago due to underperformance.

After the fund withdrew the assets from Deutsche the portfolio was in temporary passive management, but the Scottish scheme now wants to put it into active management again, a spokesman told IPE today.

Furthermore, the fund wants to appoint a manager for a new active currency overlay portfolio of between £65m and £130m. The mandate may also include a passive currency hedging element.

The mandates will go to the most economically advantageous tenders in terms of for instance experience and continuity of service of investment professionals and a proven investment ability across a full range of markets.

Tenders or request to participate can be sent in until January 5 next year. The council is looking to appoint the new managers in April next year.

In February this year, the fund appointed State Street to act as its custodian for a new £80m mandate following advice from Hymans Robertson.

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