Lothian Pension Fund, Edinburgh, rehired Standard Life Investments to run a £350 million ($700 million) segregated real estate portfolio, confirmed Clare Scott, investment manager of the £3 billion fund. Standard Life has managed the portfolio since 2001, when it was awarded a seven-year contract. The strategy, which targeted mostly direct investments, was restructured to allow Standard Life to make more indirect investments in U.K. and overseas markets. The fund has 12% of total assets invested in real estate, Ms. Scott said. No consultant was used.