Zurich's civic pension fund - the CHF12bn Versicherungskasse der Stadt Zurich - has reappointed UK fund managers Phillips & Drew to a passive mandate and added an extra £120m.
P&D - the UK arm of UBS Asset Management - already held a £80m passive brief with the Swiss fund. This figure has now been upped to about £200m. It is understood the funds came from new money.
The fund - which is currently conducting an asset liability modelling study of its entire portfolio - was not available for comment.
ECOFIN acted as consultants to the scheme.
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