Wiltshire County Council's £1bn (€1.5bn) pension fund is tendering new hedge fund, equity and currency mandates together worth more than £500m.

The hedge fund brief, worth £50m, requires a long/short equity manager and will most likely be operated through a fund of funds. Another mandate for an active currency overlay manager for a notional portfolio of between £300m and £400m will contain a passive hedge of the fund's overseas currency exposure. A further tender has appealed for a specialist unconstrained global equity manager for a portfolio valued at £75m. The UK pension fund is advised by Hymans Robertson. A £150m manager of managers' brief run by Northern Trust Global Investments was terminated to afford the mandates. The company declined to comment. The £500m London Borough of Enfield pension fund is believed to have become the first UK local authority fund to move into infrastructure. It has tendered a portfolio worth 3% of the scheme, approximately £15m. Infrastructure assets are highly prized because the long-term returns they yield are regarded as a good match for liabilities. John Belgrove, an associate at investment consultancy Hewitt, said he had not seen similar tenders from local authorities.