Wolverhampton City Council has hired six global emerging markets equities managers for the West Midlands Pension Fund.

The total initial investment is expected to be in the region of £750m and it is anticipated that the panel of managers will run for a maximum of ten years.

The contract, which has en estimated annual value of £3.3m, was awarded to AGFIA, F&C Management, Fisher Investments Europe, Investec Asset Management, Martin Currie Investment Management and Mondrian Investment Partners after the council received 19 offers.

The companies were selected to manage an unconstrained portfolio of long-only global emerging markets equities with an investment performance target of 3% per annum above the return of a broad global emerging market equity index over a rolling three year period.

Wolverhampton City Council said that this is to be done on a segregated account basis.

In the original tender, the council said that it expected to appoint between four and six managers to a panel of managers, but said that not all the managers will be funded initially, but may be funded at any time while the panel exists.

First published 14.06.2013

monique_simpson@wilmington.co.uk