The Royal Bank of Scotland Group Pension Fund has awarded infrastructure fund manager Hastings Funds Management a £750 million ($1.2 billion) mandate. The mandate is an initial investment and could be followed by further allocations.

The Westpac-owned fund manager will source and manage core infrastructure investments in the United Kingdom and select OECD countries, as well as manage the assets over the long term. Investments could include both equity and debt infrastructure assets, including owning the whole capital structure of an asset, the company said.