UK – The UK's Pension Protection Fund (PPF) is to further diversify its property holdings as it recruits new managers to oversee funds investing in Asia-Pacific and US real estate.

The lifeboat scheme said it would look to appoint as many as 12 managers to a panel – the PPF's preferred term for a framework agreement – running up to eight years.

It noted that, as its assets grew beyond £15bn (€18bn), it hoped to increase property investments through pooled funds in Asia-Pacific, Europe and the US.

"A thorough selection process will help identify a diverse range of managers that can demonstrate an excellent track record of investing in the areas the PPF has identified," it added, noting that the 8-12 asset managers would be chosen by March next year.

According to the fund's most recent annual report from March 2012, the PPF invested £546m in property, up from £394m at the end of March 2011.

It has a targeted alternatives exposure of up to 25%, but, at the end of the last financial year, only allocated 16% of assets to alternatives.