Fund managers including MFS, Schroders and Western Asset Management are among the victors in one of the biggest and fiercest new business contests in European fund management this year, after the €7.2bn Danish state pension fund LD outsourced most of its investments.

LD decided earlier this year to farm out the management of about 70% of its €7.2bn portfolio to external firms, and today said it has hired eight international fund management firms to run portions of that. Over 100 managers had put their names forward.