| Two Weeks in Mandates: more currency mandates |
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| 14.05.2006 | |
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The £8.5bn Strathclyde Pension Fund has hired three currency managers. Mellon Capital Management, Millenium Global Investments and Record Currency Management will each manage £150 active currency overlay mandates Strathclyde's decision has been made in the wake of a similar move from the £2bn Leicestershire County Council Pension Fund, which has awarded Mellon Capital Management and Millennium Asset Management two £340m active currency mandates. Millenium was also picked for a £680m passive currency overlay. On top of those currency briefs, the scheme appointed Goldman Sachs Asset Management for a £270m active quantitative global equity mandate. Financial information service IPE reported that Countrywide Assured PLC had awarded Schroders a further £421m in addition to the £400m it already manages, hence concentrating all of its assets into a single fund management company. It also reported that Pension Fund Air UK had selected Blue Sky, KLM's pension services provider, as its asset manager. Elsewhere, Global Money Management said that AP7, the SEK66 billion Swedish supplementary pension fund, had selected Axa Rosenberg for a SEK3.3bn European equity mandates. The pension scheme of department store Harrod's said it had awarded Insight Investment a £46.5m fixed income mandate. This appointment follows other mandate wins by Insight including the London Pensions Fund Authority, the Charities Aid Foundation and the Pension Protection Fund. Citigroup UK has chosen Standard Life as its investment platform provider. Under this deal, Standard Life will provide the investment platform for four defined contribution (DC) pension schemes worth a total of £700m. Standard Life said that the DC investment gateway platform it has set up provides defined contribution pension schemes with a 'one stop shop', giving trustees and members access to a range of leading fund managers. The fund available on this platform will be managed by Standard Life's asset management subsidiary, Standard Life Investments. The €330 collective pension fund for small and medium-sized privatised public bodies in The Netherlands, Stichting Federatief Pensioenfonds, has selected Northern Trust as its custody, securities lending and performance measurement services provider. The Chicago-based bank has recently opened an office in Amsterdam and has already won a first mandate from the Pensioenfonds Vervoer. J.L. |
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