UK - The FIA Foundation for Automobile & Society, a UK-registered charity dealing with road safety and environmental issues, has awarded two further $100m (€114.4m) investment mandates to Axa Investment Managers and Frank Russell Company. Morley Fund Management announced earlier this week that the FIA had awarded it a global equity mandate of the same value.

Axa has been appointed to run a global fixed income portfolio. It will be benchmarked against an unhedged, customised Merrill Lynch government bond index that is denominated in euros.

Frank Russell will manage a segregated balanced mandate containing both global fixed income and equities. It will be split equally between the two asset classes and each portfolio will have a pan-European weighting bias of two thirds.

The FIA Foundation in the UK was established last year as a registered charity involved in road safety and environmental issues. It received a $300m endowment – hence the three mandate appointments – from the Fédération Internationale de l’Automobile, a non-profit organisation registered in France.

The returns on the investments will be used to fund future projects and cover administration costs.