UK - The London Borough of Newham Pension Fund is making its first foray into infrastructure with the award of a £30m mandate.

Australian investment bank Babcock & Brown will manage the fund's £30m allocation for four years.

This investment follows a strategic review last year and reflects a desire to influence the beta aspects of the fund along with a search for a guaranteed long-term return.

The local council fund, which has assets of £540m, had earlier suggested funds for the investment were likely be diverted from its equities portfolio.

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