UK - The £1.2bn (€1.5bn) North Yorkshire County Council pension fund is adjusting its asset allocation and moving into real estate investment, as well as searching for an overseas equity manager.

Details of a tender notice issued by the local authority's pension fund management department reveals officials are seeking a manager for £60m global property portfolio.

Further details have yet to be released, and officials were unavailable for comment today.

However, analysis of the scheme's Statement of Investment Principles (SIP) -updated on February 14, 2008 - indicate this is a significant new development as the fund has been split, until now, to place 77% of assets in equities and 23% in fixed income.

That said, this allocation was based on the 2004 investment strategy review so the findings of what should be the latest review have yet to be revealed.

Request for participation must be presented by June 20, and tender invitations will then be issued from June 30.

This latest move follows a notice issued on March 19, revealing North Yorks is also reviewing its actuarial arrangements.

The scheme is currently 68% funded, according the results of the 2007 valuation review, conducted by Mercer.