Edinburgh-based Lothian Pension Fund will appoint Invesco Perpetual to manage a mandate worth £100 million, Pensions & Investments reports. Asia Pacific equity manager Baillie Gifford’s international allocation will be reduced to nearly £200 million to provide funding for the new mandate.

Gifford, whose tenure ended in July, will be re-hired to lead the allocation to Asia Pacific equities. The entire Asia Pacific equity mandate is valued at £350 million, with the rest being managed by BlackRock Investment Management, adds IPE.

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