UK – The three billion-euro Philips UK Pension Fund has awarded State Street Global Advisors a passive equity mandate worth 370 million pounds (542 million euros).

SSGA said in a statement that the sum would be invested in its pooled fund range which has assets of about 12 billion pounds.

No further information was immediately available. An official at the fund declined to comment further.

SSGA, the investment management arm of Boston-based State Street Corp. said the range has seen “significant growth in recent months, driven by client demand and new business flows”.

“We are very pleased to have won the confidence of Philips,” said Kanesh Lakhani, marketing director at SSGA. “We look forward to working with them to achieve their long-term objectives.”