Skanska UK's £100m pension fund is to be entirely invested in equities and has appointed Baillie Gifford and Legal & General to manage the assets.

Baillie Gifford will manage a £50m active UK equity mandate whereas L&G won a £50m passive UK and international equity mandate. The fund was only set up in June last year as it used to be part of Kvaerner but was bought by Skanska, the Swedish construction company.