UK - The £430m (€627.6m) pension fund of the Scottish council of Dumfries & Galloway has appointed four managers for active currency and equity management mandates.

Franklin Templeton and Alliance Bernstein are thought to be managing an active equities mandate of around £80m each while Mellon Capital Management and FX Concepts were awarded briefs of around £50m brief each.

A spokesman for the fund told IPE details of the mandate sizes have yet to be confirmed.

The council wanted to put the global equities mandate back under active management as it has been running the portfolio passively since axing Deutsche Asset Management in 2005 for underperformance.

Elsewhere, the £1.3bn Berkshire pension fund has also awarded a £410m currency overlay mandate to Record Currency Management.