Edinburgh Council's Lothian Pension fund has removed a £130m direct property mandate from Royal London Asset Management and has given it to Standard Life Investments.
According to Keith Sheppard, head of investment and treasury at the £2bn pension fund, the decision was made due to uncertainties following the reorganisation at Royal London.
Shepherd said that originally the direct property mandate's review was brought forward from the end of this year due to the restructuring at RLAM, following its merger with Scottish Life.
Additionally, the Edinburgh based fund is reviewing two European equities briefs. Currently, the mandate is split between Deutsche Asset Management, which has approximately £150m under management, and Bank of Ireland which manages £30m.
By Geoffrey Ho
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