East Sussex County Council has hired a number of global equity managers for its pension fund.

In response to a tender seeking a passive fundamental equity manager, the council awarded the contract to State Street Global Advisors after it received 17 offers.

In a tender alert, the local authority said that it was seeking a manager to manage a mandate tracking non market-cap weighted, rules based global equity index covering as broad a spread of size, industry and geography as possible, and that the mandate size is expected to be in the range of £100m- £200m.

The council has also appointed four long-only active global equity managers under a framework agreement of four years.

The contract was awarded to Baillie Gifford & Co., Longview Partners, Sarasin & Partners and Wellington Management International after the council received 12 offers.

East Sussex County Council said in a tender alert that the size of the mandate is expected to lie in the £75m to £125m range and that single or multiple mandates may be awarded, although appointees to the framework may still not be awarded a mandate.

First published 12.03.2013

monique_simpson@wilmington.co.uk