UK - Axa Rosenberg Investment Management has now sealed its first regional authority pension fund mandate.
First reported on IPN back in October, Axa Rosenberg has started the ball rolling at Powys County Council in Wales with a c.£20m global equities mandate.
Powys chose Axa Rosenberg following an investment review handled by Watson Wyatt investment consultants.
John McNeil, county treasurer at Powys, said: “Axa Rosenberg have been appointed to manage this portfolio to complement our current investment structure.
“The Trustees were impressed with [the] process and look forward to a fruitful relationship.”
Axa Rosenberg’s global equity strategy is one of a range of large cap equity investment strategies available to pension funds.
The strategy has produced an outperformance of 3.71% since its inception in December 1995, through to 30 June 2002, returning 9.03% against the benchmark return of 5.32%.
Simon Vanstone, Axa Rosenberg’s head of marketing for UK & Europe, said: “We are very proud to include Powys among our UK pension fund clients. We have been very successful in attracting mandates from UK and European-based funds, but this is the first from a UK local authority.”
This new win follows the transfer of £3.5bn worth of global and European equity mandates, from its UK clients, from Axa Investment Managers to sister firm, Axa Rosenberg.
The move completed an operational review in a bid to boost profitability.
Axa IM now focuses on managing c£12.5bn UK equities and bonds.
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