UK - The £2bn (€3bn) defined benefit scheme of the UK airport group BAA will invest £330m (€473m) in 130/30 strategy funds.

Its mandate was awarded to State Street Global Advisors (SSGA), which will invest the assets in its Global Alpha Edge products.

BAA's new head of pensions Mike McGregor was not available for comment before deadline. He recently replaced Eric Hunt in this position.

The airport group recently announced it intends to close its final salary scheme to new entrants from December and instead offer them a defined contribution plan.

SSGA also holds other mandates with the BAA pension fund.

SSGA's 130/30 fund was chosen in March by the £1bn Asda group pension fund via an initial £165m foray into this investment strategy.

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