UK - Devon County Council Pension Fund is searching for a fund-of-funds manager to oversee its entire real estate portfolio.

According to the most recent annual report for the £2.4bn (€2.7bn) local authority scheme, it invests in more than a dozen property trusts, including the Aviva Pooled Property fund, as well as Threadneedle and Hermes' Property Unit Trust.

The fund-of-funds manager will be asked to oversee the entire £133m portfolio, in addition to overseeing a doubling in size of the mandate.

Devon noted that, in addition to the 13 trusts, the next five quarters would see £20m each made available for further investment, in addition to £20m in cash ready for investment when the manager assumed responsibility.

However, it noted that the exact sum of money would vary depending on market conditions at the beginning of each quarter.