The UK's £5.5bn (€7.8bn) Strathclyde Pension Fund, part of Glasgow City Council, has reshuffled its assets, hiring Western Asset Management and handing a bigger mandate to Aberdeen Property Investors in the process.

Western Asset Management, the fixed-income specialists, has been handed 5% of Strathclyde's assets. Western's bond mandate will be slightly more aggressive than the scheme's other specialist bond manager, Henderson Global Investors, which has been retained following the review.