UK – State Street Global Advisors says it has been awarded a £75 (€110m) currency mandate by the RAC, the national motoring organisation that is part of insurer Aviva.

“We are pleased to have appointed State Street Global Advisors to manage this mandate,” RAC pensions secretary Simon Bradley was quoted as saying in an SSGA release.

“The company’s track record as a leading global currency manager and the strength of its risk-controlled process made it the clear choice.”

SSGA runs more than £36bn in global currency portfolios.

“We are delighted to have won this mandate from the RAC,” said Kanesh Lakhani, SSGA’s head of European marketing.

“The win is a tribute to the long-standing expertise of our currency management team. We look forward to working with the RAC to achieve its long-term investment objectives.”