UK - The £793m (€1.2bn) Clwyd Pension fund has awarded a commodities and a portable alpha mandate as part of a major fund restructuring.

Wellington Management Company will manage a £16.9m active commodities mandate.

Gottex Fund Management was chosen to create a £101.7m portable alpha portfolio.

The two appointments are the latest in a major revamp of the fund's portfolio.

Earlier this year Flintshire county council, which manages the pension fund, awarded two unconstrained equity mandates worth £145m to Investec and Stone Harbour, a £120m UK equities mandate to Standard Life and a £40m GTAA mandate to Barclays Global Investors.