UK - The £650m Building & Civil Engineering Benefits Scheme (B&CE) has appointed Barclays Global Investors (BGI) to passively manage £150m worth of assets. The additional assets, which will be invested in equities and bonds, builds on BGI's earlier wins at the firm including B&CE's EasyBuild stakeholder mandate awarded in April 2001, and a £90m UK equity brief won in April 2000.
This latest award follows a major asset reshuffle at the fund which saw the B&CE Benefits Scheme move from a CAPS- to a scheme specific benchmark. The move resulted in the equal distribution of the scheme’s assets between BGI, Schroder Investment Management and Baring Asset Management. Commenting on the appointment, Reg Steer, B&CE’s group secretary, said: We have a good relationship with BGI and are very happy to extend and develop it.
“The consistent performance of their indexed funds over time was the key driver for them benefiting from this portfolio reorganisation. BGI's mandate will track the FTSE International Multinational Indices beingdeveloped by BGI, Bacon & Woodrow and FTSE International.
By Janet Du Chenne
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