EUROPE - Axa Rosenberg Investment Management, the specialist equity manager, has been appointed by two new pension fund clients in Continental Europe.
Dutch-based Blue Sky Group (previously KLM’s internal pensions department) and Swiss-based AHV (the Swiss Federal Social Security Fund) have between them committed almost E250m to Axa Rosenberg’s Pan European small cap equity strategy.
Confirmation of the new mandates capped a successful year for Axa Rosenberg, which saw a significant increase in assets under management despite the general fall across equity markets.
In 2002 AXA Investment Managers also announced its intention to transfer over £3.5bn of assets into Axa Rosenberg’s strategies during 2003. Axa Rosenberg also won its first UK public sector pension fund mandate from Powys County Council.
Simon Vanstone, Axa Rosenberg’s head of marketing for UK & Europe, said: “Our position in Europe is going from strength to strength and we are experiencing particularly strong interest in our range of small cap strategies....As a result, we are now on the ‘buy-lists’ of a much wider list of investment consultants which we believe reflects confidence in our process and risk controls.”
Axa Rosenberg’s pan European small cap equity strategy is one of a range of small-cap strategies offered by the company. It has produced an outperformance of 7.1% p.a. since its inception in October 1996, through to 31 December 2002. The strategy’s return of 6.4% was against the benchmark return of -0.7%. [Performance source – Axa Rosenberg GIPS Compliant Europe Small Cap Equity Composite in GBP terms, gross of fees].
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