Falkirk Council pension fund is looking to appoint a manager to run a passive equities portfolio, worth between ÃÂ£150m and ÃÂ£325m (Ã¢ÂÂ¬410m), making it the second UK local authority fund this week to switch from active to passive management in the asset class.

The Â£900m (â¬1.1bn) scheme has put the portfolio out to tender this week with plans to have a manager in place by December. According to the official tender notice, the passive portfolio will consists primarily of UK equities, but may also contain some global equities.

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