Massachusetts Financial Services International (MFS) has won a global equity mandate from one of Iceland's largest pension funds, the fund for all government employees.

The Lifeyrissjodur Starfmanna Riksins (LSR) has assets totalling $1.3bn (€1.28bn) but it declined to specify the initial size of the mandate awarded to MFS. The aim is for the US fund manager, which has been targeting Europe with its in-depth investment research processes, to be running $100m over the next few years.