UK - The £960m (€1.4bn) Somerset County Council Pension Fund has awarded Record Currency Management a currency hedging mandate.

The council, based in Taunton in the west of England, had sought expressions of interest from experienced currency managers, to organise the hedging of a substantial part of currency exposure and undertake an active currency overlay to generate alpha for the fund.

It had 10 expressions of interest, it said in a contract award notice.

Record was set up in 1983 by former Bank of England economist Neil Record and manages more than $34bn.

The award criteria included the most economically advantageous tender in terms of experience, cost, past performance and quality.

The council has also disclosed that it is seeking investment accounting software for the fund in a three-year contract.

It said: "The Somerset County Council Pension Fund requires Investment Accounting Software to enable it to maintain records of security holdings and transactions.

"The software should be capable of maintaining records of security holdings, transaction and income histories and produce market valuations."

The Somerset County Council Pension fund administers the Local Government Pension Scheme on behalf of both the County Council and in excess of 50 other employers in the Somerset Area.

Replies to this tender must be in by October 27.

In March the scheme axed Hewitt Associates as actuary and investment consultant in favour of Barnett Waddingham.