UK - The 1.2 billion-pound (1.78 billion-euro) Devon County Council pension scheme has awarded a 250 million-pound (370.7 million-euro) passive global equities mandate to State Street Global Advisors.

Earlier this year the fund awarded 230 million-pound index tracking mandates to both UBS and State Street.

"State Street Global Advisors was a natural front runner for this mandate because of their considerable expertise in managing passive equity investments and their ability to offer the economies of scale," said Ian Faulkner, pension fund manager at Devon in the west of England.

"We look forward to working with them to help achieve the investment goals we've set for our organization's pension fund."

"Local authority pension funds are a core part of our target market and we are delighted to have been awarded this mandate from Devon County Council," said SSGA marketing director Kanesh Lakhani.

"We look forward to working with Devon to achieve their investment objectives."

Faulkner is set to retire next month and will not be directly replaced.