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UK - Edinburgh Council has renewed State Street Global Advisors' contract for a £113m (€180m) Scottish Homes pension fund mandate.

The pension fund for the former Scottish national housing agency is administered by the £2.8bn Lothian Pension Scheme and its benchmark is split equally between bonds and equities.

BlackRock, Oppenheimer Capital and Henderson Global Investors lost their respective European equity, US equities and fixed income mandates in a revamp of the main pension scheme's investment strategy towards an increase in global equity exposure.

In turn, Franklin Templeton Institutional and Lazard Asset Management were appointed to a global unconstrained equities mandate and Rogge Global Partners took over from Henderson as fixed-income manager.

Lothian pension fund also appointed Clare Scott as new investment manager to strengthen the team. She was previously the pension administration manager for the fund.

The fund is currently tendering a £330m real estate mandate with Standard Life as the incumbent manager.

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