Russell Investments has scooped a contract to help set up a framework to manage £15bn of townhall pension fund money in Wales — one of the most keenly watched appointments in the ongoing consolidation of the sector.

The eight Welsh local councils have been looking for a manager to run their combined pension funds as part of national plans to consolidate £260bn worth of townhall retirement savings. Councils have to set up their new "pensions partnerships" by the end of April.