EUROPE – The £550m (€616m) London Borough of Barking & Dagenham Pension Fund has appointed a UK-based asset manager to run a £50m global credit mandate.

BNY Mellon Asset Management International will manage an active global credit portfolio on behalf of the scheme through a pooled fund or a segregated account.

The pension fund received 18 applications in total.

According to the tender notice, BNY Mellon was selected for its fee structure and performance.

Barking & Dagenham launched the selection process for the global credit portfolio in November last year, stating that the asset manager selected would have to maintain the tender for at least six months.

The pension fund is also looking to tender two other mandates for its infrastructure and diversified growth asset portfolios.

In other news, the £120m Findel Group pension fund has appointed Barnett Waddingham to provide actuarial, investment and administration services.

Steve Delo, chief executive of PAN Governance, the independent chair of the trustees for the scheme, cited Barnett Waddingham's personalised service.

"We carried out a thorough tender process with the help of Kim Gubler Consulting," he said.

"The Findel fund has brought together four arrangements in one, and we therefore needed a simplified but comprehensive adviser structure with strong technical ability."

Meanwhile, Aon Hewitt has been appointed by Middlesbrough Borough Council, the administering authority to the Teesside Pension Fund, to provide actuarial consulting services.

Aon Hewitt will help Middlesbrough Borough Council to manage the fund and to discharge a variety of regulatory duties.

Finally, BNY Mellon has been appointed by Sweden's SEB Investment Management to provide fund administration services for more than 150 funds valued at €40bn.

Domiciled across Sweden, Luxembourg and Finland, the funds include SEB's fund of hedge funds and private equity funds.

BNY Mellon will also provide transfer agency for the Luxembourg-domiciled vehicles.

Peter Branner, chief executive at SEB, said BNY Mellon offered a solution breaking "new ground" in the Nordic region, providing a platform to grow SEB's funds range.

"Enhanced efficiency and reduced risk were our key priorities, and we were also looking for a partner that could support our growing ambitions around broadening our distribution capabilities across the region," he said.

Topics