UK - Cornwall County Council’s Cornwall Pension Fund has awarded a £175m (€258m) currency mandate to Mellon Capital.

The Truro-based council said the mandate covered specialist active currency overlay management for the £617m scheme. It had tendered the brief in March this year.

It was seeking the “most economically advantageous tender” in terms of resource and people, investment philosophy and process, risk controls and performance, business and assets under management, ownership and fees.

The contract was awarded in August, the council said, adding that it received six offers.

The tender was organized by consulting firm Hymans Robertson in Glasgow.

Meanwhile, Mellon Financial Corp. has announced it has completed its previously announced acquisition of Walter Scott & Partners. The purchase of the Edinburgh-based equity investment firm was announced on May 17.

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