State Street Global Advisors in Munich has won the mandate to run a currency overlay strategy for €800m ($972m) of assets from the €1.9bn German pension fund of Sanofi Aventis, the French pharmaceutical giant.

The new mandate expands State Street's existing relationship with Sanofi Aventis in Germany, which include an €700m passive global equity mandate awarded in 2003 and a custody and accounting mandate awarded last year for the total fund assets.