Glasgow City Council is seeking a manager to manage a mandate tracking a non market-cap weighted, rules based global equity index covering as broad a spread of size, industry and geography as possible (i.e. similar in breadth and depth to the MSCI All Countries World Index). Constituent weightings in the tracked index should be, wholly or substantially, determined by fundamental accounting values. The mandate size has provisionally been set at up to 5 % of the value of the Fund (c£550 m). Glasgow City Council reserves the right to alter the value and coverage of the mandate both initially and over the period of the mandate, and may make more than one manager appointment.

The framework agreement will also be made available to other Scottish local government pension scheme administering authorities.