UK - The £1.07bn (€1.56bn) Bedfordshire County Council pension fund has found a manager for an additional passive equities mandate.

Legal & General will be investing £125m on behalf of the fund in index-tracking strategies.

This is the second passive equities manager to be appointed by the fund as the other brief, of undisclosed size, is managed by Barclays Global Investors (BGI).

Earlier this year, the fund appointed JPMorgan Asset Management to manage a £20m currency mandate, to be invested in the firm's Managed Currency Plus fund.

This latest mandate is part of a strategy to add more un-correlated alpha to the portfolio.

In November, Bedfordshire seeded a new currency fund launched by FX Concepts, a New York-based currency manager.