UK - Islington Council is seeking an equity and fixed income manager for its £531m (€571m) pension fund.

The mandate, worth either £200m or 30% of total fund assets, will be awarded for three years, with a second 36-month contract possible.

Interested bidders will be awarded one of the passive mandates or win the contract for both equities and fixed income.

The council said the mandate was likely to be managed against a fixed-weight benchmark incorporating UK and overseas equities, and UK government and corporate bonds.

Additionally, Islington has retained Mercer as advisor during the selection process, as it wishes to access the consultant's Global Investment Manager Database throughout the eight-week process.

The deadline for tender submissions is 6 September, with interested parties asked to contact Islington Council for further information.

The council had previously appointed Standard Life to manage a £140m corporate bond mandate.

Buckinghamshire County Council's £1.3bn pension fund this week also announced that Mercer had been awarded the contract to be the fund's investment consultant.

Put out to tender in March, Mercer will take over responsibility for monitoring fund managers, as well as advising on corporate governance issues and investment policy.

Although only awarded for three years, the contract has the potential to be renewed twice and run a total of nine years.

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