UK - Aberdeen Asset Management lost a £75m active equity mandate managed by Deutsche Asset Management with the London Borough of Tower Hamlets on the back of a review by the council.
However the fund retained Aberdeen for a £85m bond mandate, also previously managed by Deutsche.
Jim Ricketts, group accountant at the £513m pension fund, said a review of the two mandates managed by DeAM before it was acquired by Aberdeen led the council to award the active equity brief to Edinburgh-based Martin Currie.
He said: “Deutsche managed two elements. Their asset allocation was UK equities and fixed interest. When they were taken over by Aberdeen we reviewed the manager.”
Last month Global Pensions reported the completion of the sale of parts of DeAM’s London-based asset management business to Aberdeen.
The sale included the UK-based institutional equity, fixed income, global equity, multi-asset and DWS retail businesses.
Deutsche said the disposal would allow the firm to create a more focused asset management set up.
The sale of DeAMs Philadelphia-based active fixed income business will be completed around 30 November 2005.
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