UK - The UK scheme of Danish pump firm Grundfos Pumps has awarded Zurich Scudder Investments a £15m pooled balanced mandate.
Zurich will be taking over from Schroder Investment Management which has been dropped.
The pension fund currently holds 380 active members and 125 deferred members and is advised by Heath Lambert.
This is the first win for Zurich since the appointment of Sarah Arkle as chief investment officer on completion of the asset swap between Zurich Financial Services and Deutsche Bank.
Arkle said: “We have been winning a number of mandates this year, part of a natural progression in doing well in the balanced pooled mandates.” Arkle has moved from her previous post as of head of equities and managed funds at Threadneedle.
Arkle takes over from Simon Davies, who previously combined the roles of chief investment officer and chief executive.
Arkle added: “I have worked very closely with Simon on developing the investment process over the last several years. There will be no big change in our investment process, but we mustn't become complacent and not embrace other challenges.”
On the investment practice, she said: “ We are good at researching our global sector effort. We have a global sector overlay specifying which sectors we want to be overweight and which sectors we are underweight – as well as the more traditional weightings.
“Asset allocation is another thing we look at closely in terms of geographic and sector weightings. We have 12 global sector groups. This has enabled us to outperform when new economy stocks were outperforming and when old economy stocks outperformed.”
Arkle added that in most of the mandates Zurich have been winning have been UK balanced.
Zurich’s pooled mixed fund totalled £115m at the end of June this year and Arkle predicted that pooled funds returns for the quarter ending September quarter would be good.
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