The Geneva based Swiss social security fund AHV-Fonds has appointed two new asset managers for Swiss equity mandates worth Sfr500m (E313m) each.
State Street Global Advisors and Pictet Asset management scooped the index tracking briefs after a seven strong tender list with ECOFIN consulting on the beauty parade.
Dominique Saliman, deputy manager of the AHV fund, said: We had an extremely strong interst in the mandates and all the managers we saw had excellent index tracking records.
So in the end it came down to competitive fees, and Pictet and State Street offered the best rates."
The fund now has five active Swiss equity managers and a further five gloabl bond managers, after it underwent a major restructuring last year.
And Lombard Odier, the Swiss specialist manager has picked up the £50m (E73m) mandate for the UK Powys County Council pension fund, bringing its number of local authority mandates under management to four, totallling approximately £500m.
The fund's objective is 2% outperformance of the WM local authority median."