EUROPE - Glasgow City Council, the administering authority for the Strathclyde Pension Fund, has launched a tender process for equity managers.

The council is seeking to award one or many positions for a period of four years, and a maximum of eight individual mandates may be awarded.

The investment objective will be substantial outperformance of the FTSE All World or MSCI All Countries indices over rolling five-year periods, with a minimum target +3%.

The size of the individual mandates is expected to range from £250m to £500m (€280m-€560m).

Further information on the mandates, for which parties must apply by 25 July, can be obtained on Hymans Robertson's website www.hymans.co.uk or by email at StrathclydeGlobalEqSearch@hymans.co.uk.

Meanwhile, Denmark's Pensionskassernes Administration (PKA) has appointed Swiss fund manager Twelve Capital to design and manage a $150m (€105m) insurance-linked securities (ILS) mandate.

Twelve Capital, founded just a year ago, is a boutique asset management firm specialising in insurance investments.

PKA is Denmark's largest manager of occupational pensions, with DKK140bn (€19bn) in assets from the eight pension schemes it manages.

PKA decided earlier in 2011 to diversify its alternative investments with ILS, which it said offered low correlation with other asset classes and strong long-term returns.

PKA's head of absolute return strategies Line Vestergaard said he had been "very impressed" with Twelve Capital's team and strategy.