SCOTLAND - Martin Currie Investment Management has won a £120m specialist UK equities mandate from the £1.9bn Lothian Pension Fund.
One of the scheme’s existing UK equity managers has been dropped to make way for Martin Currie, which will also receive funds from inflows from new contributions.
Lothian head of investment and treasury Geik Drever declined to name the manager which has been dropped but confirmed that it was dropped because of performance-related issues.
Lothian’s current fund manager roster includes Baillie Gifford, Deutsche Asset Management, Edinburgh Fund Managers, Isis Asset Management and UBS Global Asset Management.
Drever also revealed that the scheme is looking to hire a manager to run a £55m emerging markets mandate.
Lothian is putting the mandate out to tender as its contract with the incumbent firm, Lloyd George Investments, is coming to an end.
Lloyd George has been invited to reapply for the brief, which offers a five-year contract to the winning manager.
The fund is advised by Hymans Robertson.
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