UK – Multi-manager specialist Frank Russell Co. says it has been appointed by the British Waterways (1990) Pension Fund to manage an 80 million pound (125.6 million euro) equity and bond mandate.

The mandate represents around 50% of the total fund assets. The funds are to be invested in a wide range of Russell’s multi-manager stock and bond funds, Russell says.

“We are very much looking forward to working with British Waterways and we are delighted that they have chosen the Russell funds,” said Russell’s UK sales director Roger Whittaker in a statement.

“We selected Frank Russell after a careful and considered review of alternative multi-manager providers,” said British Waterways’ Judith Alborough.

Russell, which specialises in a multi-manager approach, manages more than 80 billion euros in assets, of which 16 billion euros is managed from Europe. It is part of US-based insurer Northwestern Mutual, which has 98.4 billion dollars in assets and revenues of 15.3 billion dollars.

Russell was appointed by the Solutia UK pension scheme as the sole investment manager for its 35 million pound (55.4 million euro) pension scheme in October.