UK – The 1.2 billion-pound (1.8 billion-euro) Devon County Council Pension Fund has awarded 230 million-pound index-tracking mandates to both UBS and State Street.

UBS Global Asset Management and State Street Global Advisors have each been awarded briefs to invest in UK, North American, Japanese and European ex-UK equities.

UBS, which already has an active management mandate, and State Street were selected to manage the new money from a short list of four candidates, said internal investment manager Ian Faulkner.

Faulkner, who has worked for the county council for 15 years and is to retire in June, said the two companies will start to manage the assets from April 1. No consultant was involved in the appointments.

Deputy investment manager Barry White said in September that Faulkner’s retirement had prompted the western English fund to reassess its structure and shift to external managers.

State Street Global Advisors’ marketing director Kanesh Lakhani declined to comment.

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