The Council wishes to appoint, via a competitive tender, an investment consultant or other suitably qualified person or firm to undertake a thorough review of the Funds investments in this area.

FinancialDATESPlanned Start Date:21/05/2012Planned End Date:06/08/2012Last Date for Expressing Interest:24/04/2012CONTRACT OPTIONSOJEU Flag:NoOpen to Other Councils:NoVALUEEstimated Quantity:1Estimated Annual Value:15,000Estimated Total Contract Value:15,000COUNCIL CONTACT DETAILSName:Nick GreenwoodTelephone Number:01628 796701Email:nick..ukDepartment:Royal County of Berkshire Pension FundKEYWORDS & NOTES DETAILSNotes:Background

The Royal County of Berkshire Pension Fund (the Fund) is administered by The Royal Borough of Windsor & Maidenhead (the Council). The Fund currently has an allocation of 18% (approximately 260 million) to absolute return funds.

The Council wishes to appoint, via a competitive tender, an investment consultant or other suitably qualified person or firm to undertake a thorough review of the Funds investments in this area.

The appointed consultant will be required to prepare a report covering:

A) A fundamental review of the concept of absolute return investing including, but not limited to:

1) Is there such a thing as absolute return investing?

2) What is a suitable target return (the Fund is targeting a minimum return of 7.5% per annum across all of its investments)

3) What level of volatility should be acceptable to the Fund?

4)  Is it reasonable to expect capital preservation in times of market stress

B) A full review of the Funds investment in the Lyxor Focus Fund (performance data will be supplied by the Council to the appointed consultant)

C) A review of the Funds absolute return portfolio (details will be supplied to the appointed consultant but currently, besides the investment in Lyxor, the Fund has holdings in an insurance-linked securities fund, a CTA and a multi-asset long-only fund).

Interested parties should submit offers in writing to:

No later than 24 April 2012. All offers must state an all inclusive fee for the work proposed and include brief CVs of the persons who will be responsible for producing the report and examples of reports on this subject matter (Absolute Return Funds and Hedge Funds) that have previously been produced such report examples may be redacted with respect to client identity.

Interested parties can find further information about the Fund at

Any contract will be subject to the Councils standard terms and conditions.

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