Investment manager Frank Russell has won a £50m global equity mandate from the UK's £350m Express Dairies pension scheme.
The multi-manager mandate is a result of a strategic benchmark review that the scheme conducted. To fund the mandate, the scheme is transferring some money from current managers Deutsche Asset Management (DeAM) and Legal & General (L&G), as well as using spare cash from a recent scheme amalgamation.
According to Stephen Nichols, pensions manager at the fund, the transfer of cash from DeAM and L&G is not an indication of dissatisfaction with them, rather: we felt we needed another manager in the mix. The fund is being realigned - we are not unhappy with them.
Prior to the review, DeAM & L&G had the fund split equally between them. DeAM ran an active £175m mandate, whilst L&G ran £175m passively. Nichols said that following the review, the fund has also decided to raise its zero weighting in property to 7%, which DeAM will run.
By Geoffrey Ho
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