Frank Russell, the actuarial consultant and fund manager, has won its seventh multi-manager mandate this year with an appointment to the pension scheme of Ranks Hovis McDougall, the UK food manufacturing company.

Russell will manage a £60m (€99.6bn) continental Europe equity portfolio, and will also provide transition management services to the firm. It is understood that Russell beat competition from SEI Investments and Northern Trust in the final beauty parade to win the mandate. Russell has had a relationship with the scheme spanning back to 1986.