The London Borough of Hounslow Pension Fund has appointed Threadneedle Investments to manage its UK property mandate.

The fund, which has nearly £600m assets and 17,457 members according to its latest accounts, has allocated £20m to the TPEN property fund, part of Threadneedle's pooled pensions funds range.

Lorelei Watson, head of treasury, pensions and capital at the London Borough of Hounslow, said: "We liked Threadneedle's active approach to property management and the emphasis it puts on stock picking, risk management and income yield.

"Instead of chasing trophy assets, its investment experts look across sectors and regions to find properties with strong fundamentals and attractive yields. We look forward to working with the highly experienced team."

Threadneedle's pooled pensions funds range spans across equities, fixed income, managed solutions, cash and property.

Moira Gorman, Threadneedle local authority client director, said: "Winning such a high profile mandate is testament to the strength of our offering in UK Property and the pooled pensions space.

"We are delighted that Hounslow has entrusted us with the management of its property portfolio following a strategic decision to manage these assets externally."

First published 23.10.2013

monique_simpson@wilmington.co.uk