Suffolk County Council has awarded a £70 million UK property mandate to Schroder Property Investment Management.
The £700m fund appointed Schroders following an overhaul of its investment strategy in mid-2000.
The mandate is to provide Suffolk County Council with a balanced indirect property portfolio, which will initially involve the investment of £28m cash and the restructuring of its existing £42m portfolio.
According to Peter Edwards, corporate finance manager for the Ipswich-based fund, the brief was originally part of a £700m balanced mandate run by Scottish Widows.
The decision for a review followed an ALM study conducted by the fund last year. Five candidates were shortlisted for the property brief. Although Edwards declined to name these, he added that Scottish Widows had “been interested in both the balanced mandates and the specialist global and UK mandates.”
The revised strategic allocation includes a passive index-linked brief run by Legal & General (£59m); a multi-asset active brief managed by Deutsche Asset Management (£196m); a UK equity mandate run by Société Generale (£105m); and a global equity mandate overseen by Capital International (£70m) .
The move was advised by Hymans Robertson.
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