Falkirk Council pension fund is looking to appoint a manager to run a passive equities portfolio, worth between £150m and £325m (€410m), making it the second UK local authority fund this week to switch from active to passive management in the asset class.

The £900m (€1.1bn) scheme has put the portfolio out to tender this week with plans to have a manager in place by December. According to the official tender notice, the passive portfolio will consists primarily of UK equities, but may also contain some global equities.