Legal & General Investment Management has won a £240m (€386.6m) balanced index-tracking mandate with the £430m Northumberland County Council pension fund in the UK.

The appointment is the first of several at the pension scheme of the UK local authority. Earlier this year, Northumberland County Council decided to minimise its exposure by creating a more diverse and specialist portfolio. It has put to tender a further £65m active UK equities portfolio, a £65m overseas equities mandate, and an active fixed income mandate worth £43m.