UK - The £2.3bn (€3.4bn) Staffordshire county council pension fund is looking to appoint a manager for an active currency portfolio sized between £500m and £1bn.

The mandate might also include a passive hedging element.

"Following a greater move towards foreign equities, we decided to look at currency," Melanie Stokes, principal accountant with the scheme, told IPE.

The Staffordshire pension fund had decreased its UK bias in equities in February 2006, in a major portfolio restructuring.

By the end of the year, approximately 75% of the fund invested in equities with 55%
invested in UK stocks and 45% in non UK equity markets, according to the scheme's adviser Hymans Robertson.

Deadline for participation in the tender is September 19.

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