The penision fund of the Highland Council, the Scottish local authority, has appointed AllianceBernstein, Fidelity Investments and Schroder Investment Management to manage half of its approximately £400m (€577m) fund.

Following a review of its investment arrangement AllianceBernstein will manage a £100m global equity portfolio, Fidelity a £60m global fixed income mandate and Schroders a £40m property mandate.