UK - Surrey County Council has appointed Newton Investment Management for a £140m (€187m) global equity mandate.

Newton, a UK asset management subsidiary of BNY Mellon, beat off competition from 38 other investment firms to provide global equity management services for the pension fund, which is valued at around £1.8bn. 

The mandate forms part of the scheme's £490m allocation to overseas equities, although investment in domestic UK equities is still slightly higher at £689m, according to recent figures.

Elsewhere, the University of Reading Employees Pension Fund has awarded Northgate HR services a mandate to provide administration and payroll services for the scheme.

The fund said Northgate offered the "most economically advantageous tender", in terms of both quality and cost against five other proposals, in order to provide full accounting, administration and pension payroll services to the scheme.

The University of Reading Employees Pension Fund, one of two schemes run by the educational establishment, currently has 794 members and assets of £82m, although it also has a deficit of £5.8m, according to figures up to July 2007, which the university is planning to clear through higher contributions and an additional annual £1m contribution over the next 15 years.  

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