EUROPE - The London Borough of Sutton pension fund is tendering a mandate for a multi-asset passive investment manager worth as much as £120m.

The council said the mandate would initially consist of UK equity only, but could be broadened to include equity markets globally, as well as bonds.

Sutton said it would prefer to name a single manager, but added that it was not adverse to selecting several if necessary.

Applications are due by 29 October, while additional information can be requested from Hymans Robertson

In other news, the Austrian region of Burgenland has awarded the country's pension fund VBV the mandate for all its pension services.

VBV, the country's biggest scheme, with €4.5bn in assets, invests more than a quarter of all funds in government bonds, with a further 13% held in bank bonds and almost 10% in cash reserves.

The remaining funds are divided between so-called Pfandbriefe and select investment funds and hedge funds.