UK - The pension fund for the UK's high street bank RBS has appointed an Australian fund management company to oversee its infrastructure exposure.

The £750m (€950m) portfolio will significantly increase Hastings Funds Management's overall asset under management, which at the end of May this year stood at AUD7.1bn (€4.5bn).

The company said the mandate would source and manage core infrastructure investments in the UK and other select OECD countries over the long term on behalf of the £19.5bn RBS Group Pension Fund.

The company said investments could include both equity and debt infrastructure assets, as well as owning the whole capital structure of an asset.

Hastings chief executive Andrew Day said he was "delighted" to be selected by the bank's scheme.

Robert Waugh, chief investment officer for the RBS Group Pension Fund, added: "We are pleased to have found a like-minded manager in Hastings to help us invest in infrastructure assets across the capital structure."