The £1.2bn (€1.5bn) John Lewis Partnership Pension Trust, the pension fund of the UK retailer, has hired three specialist managers for mandates worth £175m marking its first foray into private equity and active currency investments.

Edinburgh-based Walter Scott & Partners has been hired for a £100m active global equity mandate while Friess Associates, the US manager, has been hired for a £35m US small-cap and mid-cap stock mandate.