UK - The £793m (€1.2bn) Clwyd Pension fund has awarded two unconstrained mandates worth £145m to Investec and Stone Harbour, a £120m UK equities mandate to Standard Life and a £40m GTAA mandate to Barclays Global Investors.

While Investec will manage a £40m unconstrained global equities portfolio, Stone Harbor was awarded the £105m global unconstrained fixed-income mandate.

Following a major revamp the fund, run by the Flintshire County Council, tendered these mandates last summer. It did not want to disclose who the incumbent managers of the portfolios were. But its consultant bfinance said some of them were new mandates.

Further tenders were put out in November last year with the fund looking for a portable alpha solution and a £15m commodities manager.

Meanwhile, Standard Life will be put under review at the £3bn Lothian pension fund in April when the fund will tender for a new manager for a £330m real estate portfolio.

In July, the fund will tender for a new manager for a £140m emerging markets portfolio putting Lloyd George Management under review.

Both tenders are put out as the contracts with the incumbent managers come to an end, a spokeswoman for the Lothian fund told IPE. Standard Life and Lloyd George are welcome to participate in the new tender, she said.