UBS has wrestled a multi-billion pound investment contract away from Legal & General and State Street as asset managers continue to lose out from the sweeping consolidation among the UK’s local authority pension schemes.

The Swiss-owned asset manager has won a £10.5bn investment mandate from a group of 11 pension funds in south east England, known as Access. The move sees more than £6.1bn of assets stripped from Legal & General Investment Management and £3.7bn taken from State Street Global Advisors.