UK - Invesco has won a £100m active equity mandate for the Shipbuilding Industries Pension Scheme.
The £1.1bn fund has replaced Newton Investment Management after fund manager Toby Thompson left to join New Star Asset Management.
Shipbuilding Industries Pension Scheme secretary to the trustees Martin Boulton said: “We like to work with individual fund managers rather than management houses, so we were disappointed when Toby Thompson left.”
Invesco was recommended to the trustees by its advisors Stanford Associates who were impressed by fund manager Stephen Whittaker.
Boulton added: “We appointed Invesco because our advisers said they would be best for our aims.”
The fund is divided into a 63.9% UK equity portion, 10.5% into global fixed income, 9% each to US equity and continental European equity, and the remainder equally to Japanese and Pacific Basin equity.
The fund represents workers in the shipbuilding and shiprepair industries.
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