US auto-components manufacturer, Dana Holdings, has appointed INVESCO Asset Management to a £25m mandate.
The mandate will split with £16m in continental Europe and £9m in Asia.
The brief for the two funds will be benchmarked against the MSCI Europe, excluding the UK, and the MSCI AC Pacific Basin Free index, excluding Japan.
Marathon Asset Management was also recently awarded a £45m UK equities mandate by Dana.
Previously, Gartmore and Morley Asset Management held a balanced mandate worth a combined £67m. A spokesman for the fund added that the review was due to a combination of performance issues, a decision to move to specialist mandates, and a transfer of additional assets.
By Madhu Kalia
More needs to be done to speed up DB to DC transfers but, as Jonathan Stapleton says, more also needs to be done to protect members.
The Pensions Ombudsman (TPO) took on 2,566 early resolution cases in 2018/19 after onboarding a team from The Pensions Advisory Service (TPAS), according to its annual report and accounts.
The lifeboat fund is in a good position despite reserves taking a £0.6bn hit. But the ramifications of the EU judgment on member compensation is an area of concern for CEO Oliver Morley, writes Stephanie Baxter