UK – Barclays Global Investors (BGI) has been selected to run an additional £150m (€243.5m) overseas equities and bonds mandate for the £650m defined benefit (DB) pension plan for the Building & Civil Engineering Benefits Scheme (B&CE).

The award follows BGI being chosen this April to run B&CE’s £15m EasyBuild stakeholder plan, as well as an earlier £90m UK equity mandate from April 2000.

The equity portfolio will track the FTSE International Multinational Indices.

The B&CE scheme has 1.3m members from the UK’s construction industry and is now split more or less equally between BGI, Baring Asset Management (BAM) and Schroders. In addition to UK and overseas fixed income and equities portfolios, BAM and Schroders also manage property portfolios.

Says Reg Steer, B&CE group secretary: “We have a good relationship with BGI and are very happy to extend and develop it. The consistent performance of their indexed funds over time was the key driver for them benefiting from this portfolio re-organisation,”