The Scheme requires an investment manager for a Buy and Maintain (‘B&M’) credit portfolio with an estimated value of 5 % of the Scheme's assets. This is equivalent to c.250 000 000 GBP as of 31.3.2014. The appointment will be for 1 manager.

The portfolio will be managed on a segregated basis in line with the Scheme's requirements. Further details can be found in the document titled Specification for Mandate.

The portfolio is expected to achieve diversification predominately through portfolio construction and credit selection within the limits set out in the Specification for Mandate document. The portfolio should focus on Sterling denominated credits, however an allocation to major overseas markets may be considered so long as the currencies are hedged back to Sterling and is consistent with the overall objective of the mandate. Broad exposure within the limits set across regions, sectors and company size bands is also required.

Managers should confirm compliance with the Local Government Pension Scheme (Management and Investment of Funds) Regulations 2009.