Wall Street investment banking titan Citigroup has awarded Standard Life a GBP700 million contract to manage its pension fund, according to UK media reports.

The deal marks the largest single new business win in the 181 year history of the Edinburgh-based insurer, and comes just weeks ahead of its planned stock market float.

Standard Life won the mandate following a comprehensive due diligence review of investment options by the trustee directors of the Citigroup UK pension plans, the mutual said in a statement. It is thought that Standard Life fought off at least two major rivals to clinch the deal.