The Sfr 1.4bn($930m) pension foundation for the Swiss aluminium sector of the Alusuisse Lonza group, has awarded a host of new mandates to external fund managers, shifting away from its previous in-house operations.

UBP (Union Bank Privé) of Geneva picked up a Sfr93m Swiss bond brief, with Rothschild Asset Management winning a Sfr150m foreign bonds portfolio.

On the Swiss equities side, Julius Baer in Zurich and Lombard Odier in Geneva claimed mandates of Sfr144m each, with Capital International and Fidelity scooping global equity briefs of Sfr67m each.

Hans Steiner, director of the Alusuisse fund, said:After strong competition from an overall shortlist of 15 for the funds management, we selected those with what we believe to be the strongest investment process and performance to achieve the return results we are seeking."

Watson Wyatt acted as consultant to the tender process."