UK - Lazard has lost a UK pension mandate from Terra Industries to UBS Global Asset Management.
Previously, Lazard and UBS Global Asset Management split the $103m pension fund between them, an arrangement dating back to a few years ago when Terra moved its fund from Deutsche Asset Management.
“We always felt it was a good idea to have two horses running to see who had the better results and who we developed the best relationship with, and that was UBS,” said Terra financial comptroller, Peter Houghton.
The $103m UK plan is invested with UBS to target a return of at least 7% per annum.
UBS Global Asset Management has also won the total assets of the $160m US scheme.
The US pension fund is invested in the UBS Global Securities Portfolio, a globally diversified portfolio.
Betsy Sanders, client adviser at UBS Global Asset Management, said: We started managing half of Terra's UK assets in August 2003, and we are delighted that they have just chosen us to take on the rest of their UK and US assets. This success necessitated significant teamwork among various locations and demonstrates the strength of our global platform, flexible product offering and capability to offer client-based solutions.
Separately, UBS was also recently selected to manage Co-operative Insurance Society’s £197m Asia Pacific ex Japan and £337m Europe ex UK mandates.
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