UK - Three local authority pension funds in the UK are tendering almost £400m (€550m) in Asia Pacific, global and UK unconstrained equity mandates.

At the €914.6m Cardiff & Vale of Glamorgan Pension Fund, investment manager Schroders has come under review, having managed the fund's £32.5m Japan and £32.5m Asia Pacific ex-Japan portfolios for the past four years.

A spokesman for the scheme, which is being advised by consultant Bfinance, said that after four years it was a "good time" review the portfolios. Schroders has already been asked to re-tender.

The fund is looking to appoint one ore more managers, who have up to November 30 to apply for the two mandates.

The fund said that for the two mandates (using the FTSE Japan and All world Asia Pacific ex-Japan benchmarks respectively, with targeted out-performance of 2 to 3% (net) over rolling three year periods), pooled or segregated accounts  could be considered. For the Japan equities portfolio core, growth and value submissions are welcomed, in addition.

The second fund to tender, the €1.15bn Suffolk County Council Pension Fund, advised by consultancy firm Hymans Robertson, is looking for an investment manager for a global equity mandate.

The mandate will be between a minimum of 10% and a maximum of 20% of the fund's value, equivalent to about £115m and £230m respectively, a spokesman for the fund said.

The largest scheme of the group, which is also advised by Bfinance, the €2.37bn Bath & North East Somerset Council Avon Pension Fund, seeks an investment manager for its new £100m UK unconstrained equity portfolio, a spokeswoman said.

Also the Avon Pension Fund tender has a time-limit for tenderers to send in requests to participate until November 30. At Suffolk county council tenderers have until December 6.

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