UK - Isis Asset Management lost more than £360m in institutional mandates in the first six months of the year.
Isis attributed the fall – unveiled in its interim results – to the loss of insurance mandates and the move by schemes away from balanced mandates to core/specialist structures.
Isis won £118m worth of mandates from pension funds and other institutional clients during the first half of the year. But this was more than offset by client outflows of £363m.
The firm also pointed out it had won two fixed income mandates from institutions worth £200m, not included in the results. Isis said this was because the funding for these mandates would not be received until next year.
Overall assets under management rose from £60.1bn to £60.8bn but profits fell 10% to £11.4m.
Chairman David Kinloch said: “There are significant challenges which face the fund management industry as well as those which are specific to our company.
“As an industry we are encountering a period of significant change, both business and regulatory, and this will pose both threats and opportunities.”
He added that on the business front, the challenges were the achievement of superior investment performance and organic growth together with the completion of the integration of Royal & SunAlliance Investments into the firm during the second half of the year.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.