UK – Mellon Global Investments, the international distribution subsidiary of Mellon Financial Corporation, has been awarded a currency overlay mandate for a £150m (€220m) overseas portfolio by the London Borough of Brent pension fund.

The £420m fund appointed Mellon using its independent adviser Valentine Furniss and Mercers.

A scheme spokesperson told IPE that the fund hoped to achieve “additional return and management of our currency exposure”.

He stated there was a six-month competitive tendering process for the new mandate, which runs for an “indefinite” period.

According to a Mellon statement, Mellon Capital Management Corporation, which is a Mellon subsidiary specialising in global quantitative strategies, will manage the mandate.

“The purpose of the mandate is to provide supplementary alpha to the pension fund,” the release said.

Mellon Capital, which will manage the mandate, has £76.5bn in assets under management, with £8.6bn in overlay strategies and £4.2bn in non-discretionary management securities lending pools.