Deutsche Asset Management (DeAM) and Henderson Global Investors will lose their mandates with the Royal National Pension Fund For Nurses (RNPFN), following Liverpool Victoria's acquisition of the fund.
Currently, DeAM has an £800m global balanced brief and a £300m bonds mandate with the RNPFN, whilst Henderson runs a £430m global balanced mandate and a £130m property portfolio. According to a source at Liverpool Victoria, management of the RNPFN’s assets will move in-house, once the takeover is completed.
Liverpool Victoria, the UK's largest friendly society, acquired the RNPFN in a deal worth £248m. Liverpool Victoria paid £200m for the business of the RNPFN and an extra £48m to establish a new charitable company called the Burdett Trust for Nursing.
The deal, which requires formal approval from the High Court for the transfer of business, is expected to be completed by the end of the year. Liverpool Victoria's assets under management will increase from £5.5bn to £7.2bn as a result.
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