LBC\UGEM\2014 — Appointment of Pension Fund Investment Manager(s) — Unconstrained Global Equity Mand

Descriptions

The mandate is for one or more unconstrained global equity managers. The Fund's allocation to the new unconstrained global equity manager(s) is initially expected to be in the region of 135 million GBP; any applicant, however, must have capacity to manage up to 500 million GBP in this mandate. The relative outperformance objective is 3 % plus per annum in excess of the MSCI All Countries World Index or FTSE All World Index benchmarks on a rolling 3 year basis net of fees. Only long only segregated or pooled solutions that are physically invested will be considered, although some off-benchmark investment flexibility is acceptable. Consideration will be given to the extent to which the investment style that is being proposed is complimentary to that of the incumbent global equity manager. Fund of funds and multi-manager proposals are not being sought. The Council reserves the right to vary the size of the mandate(s) awarded.