London Borough of Bromley Pension Fund, London, hired Fidelity International and Schroder Investment Management to run multiasset strategies.
The £913 million ($1.3 billion) pension fund hired Schroders to run £120 million in its multiasset income fund and Fidelity to manage £80 million in the Fidelity Institutional Diversified Income Fund, a spokesman at the council said in an email.
Also, the pension fund committed £50 million to Fidelity UK Real Estate Fund.
"Following a tender process to implement strategic asset allocation, changes to the pension fund to generate income and reduce overall risk (were made). The funds for these investments have been generated by releasing funds from other investments within the pension fund," said a spokesman at the council. However, he declined to provide further details.
A search for multiasset managers was launched in August.