UK - The InterContinental Hotels Common Investment Fund, the chain’s pension fund, has awarded Russell a 100 million-pound (147 million-euro) international equities mandate that amounts to 30% of its total assets.

Russell said the assets would be invested in multi-manager funds, including the UK, Continental European, Japan and Pacific Basin equity funds.

A spokesman for the InterContinental Hotels and Britvic Pension Plans, which is also part of the fund said that, in the selection-process, four managers of managers had been considered.

He also said the money was previously managed by insurance company Legal & General and that the fund would shortly award a “ smaller” mandate to another asset manager.

Trevor Jones, chairman of the trustees of the fund, said: “We chose Russell because we had the greatest confidence in the likely long-term performance from their multi-manager approach.

“Russell’s approach attracted a large number of new UK institutional clients in 2003 and we are seeing this trend continue in 2004”, said Roger Whittaker, director of the company’s UK sales.

The asset manager also said that its implementation services provided was in charge of the transition management.

Russell launched its first multi-manager funds in 1980 and reached one billion dollars under management in 1982. It attained 10 billion dollars under management nine years later. Last year saw assets rise to 95 billion dollars from 67 billion dollars.

In February the multi-management specialist said it had surpassed 100 billion dollars (80.4 billion euros) in assets under management.

Mercer Investment Consulting was the advisor.

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