Glasgow Investment Managers and Barclays Global Investors have been appointed by Frank Russell as additional active managers of its £500m UK equity multi-manager fund, reports Professional Pensions.

GIM, which outperformed the WM and HSBC median returns by 10% in 1999, has been given one-tenth of the funds to manage while BGI has one-fifth. BGI is better known as a passive manager but actually manages £20bn actively in the UK alone, out of total UK assets under management of £95bn. Miles O'Connor, BGI's head of UK business development, said the quantitative-based process with its control aspects, has curried a lot of favour in the UK.