UK - The £7bn (€10.3bn) West Midlands Metropolitan Authorities Pension Fund has awarded three active currency mandates with a combined value of £110m.

Record Currency Management, Overlay Asset Management and Mellon Capital will share the fund's first active currency mandate but details of how much each manager has been awarded have not been disclosed.

The fund is also looking to recruit a manager for its £560m direct UK property portfolio.

Deadline for participation in the tender ended earlier this month and the incumbent manager Cushman & Wakefield Investor was allowed to re-tender.