UK - Barings has been appointed by United Co-operatives to manage a £11.3 million diversified growth mandate for the Yorkshire Co-operatives Employees Pension Fund.
The deal means Barings will now manage a portion worth £11.3m from Merrill Lynch/BlackRock, which had been the single manager of the £68m Yorkshire Co-op fund.
The development comes after State Street Global Advisors (SSgA) lost a £27.5m (US$55.4m) equity mandate from United Norwest Co-operatives Employees' Pension Fund in May, which saw Barings scoop a £23m portion.
Speaking about the latest deal with Barings, a spokesman for United Co-operative investments, Derek Rushton, said: “There was no bias towards Barings. The Yorkshire pension fund went through the same, although separate process to Norwest with access to various investment houses.”
Rushton continued: “The trustees went through a good deal of training before making their selection. They were not unhappy with BlackRock’s performance, but did not want to take the boutique approach they were offering.”
The Yorkshire and Norwest pension funds are to amalgamate on July 28 leading to questions over more allocation changes.
Rushton clarified: “Of course it is up to the trustees to decide whether the portfolios need modifying, but after 18 months of restructuring on both sides, I can’t see it happening yet.”
Consultants from HSBC advised on both deals.
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