UK - Hendersons and Deutsche have lost multi-asset mandates with the London Borough of Sutton after the fund awarded £80m global equity mandates to Newton Investment Management (NIM) and Alliance Bernstein.
A spokesperson at the council confirmed that Hendersons and Deutsche had lost their mandates due, in part, to performance related issues. The pension fund tendered for the new mandates in April this year.
“Performance was an element,” the spokesperson said. “We felt it was time we had look at what was on the market. We were also advised by our consultant to perhaps go down the more specialist route.”
The £160m global equity briefs make up 70% of the fund’s £200m stockpile with 20% invested in bonds and 10% in property. Commenting on the win, Helena Morrissey (pictured), chief executive officer of Newton, said: “This win reflects Newton’s continued strong performance in all markets and robust team-based investment process driven by global research. We are delighted to work with London Borough of Sutton and look forward to seeing our relationship develop further.”
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