UK – West Midlands Metropolitan Authorities four billion pound (6.3 billion euro) pension fund has appointed Royal London Asset Management to run a 130 million pound (204 million euro) UK non-government portfolio.

Following an asset/liability review, the pension fund, overseen by Wolverhampton City Council, put the mandate up for tender in June.

A spokesman in the investment division said that the mandate was entirely new, and that funds had “principally come from the UK equity portfolio.”

The award marks the sixth fixed interest mandate win this year for Royal London Asset Management, which has approximately 23.2 billion pounds in assets under management in the UK institutional and retail markets.