The £2bn City of Edinburgh Council Lothian Pension Fund has dropped Deutsche Asset Management (DeAM) from its £150m European equities brief and has given it to BlackRock.
Keith Shepherd, the fund's head of investments and treasury, said that BlackRock will manage a reduced £75m European Equities mandate, instead of DeAM. Additionally, Bank of Ireland has retained its European equities brief and has had its funding increased from £30m to £75m.
BlackRock and BoI are on four year contracts with the fund. The contracts start on July 1, and both have a two year option.
Additionally, Shepherd revealed that he would be leaving the fund to join the Welcome Trust, the world’s largest medical research charity. Last week it was announced that Shepherd would be leaving the fund. He joins the charity in September, as head of public equities. The Welcome Trust has an asset base of £15bn and an estimated expenditure in 1999/2000 of some £600m.
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