UK - Investec Asset Management has won a £40m bonds and cash mandate from Folgate Insurance Company, a wholly owned subsidiary of The Folgate Partnership, a recently established specialist insurance distribution company.
FIC was placed in run-off in July 2002, which means it closed its funds to new business and focused on managing assets to cover existing liabilities. As a result, it undertook a review of the assets and managers and agreed a new benchmark. The benchmark chosen was split between bonds and cash to reflect the nature of its run-off profile and the anticipated cash flow.
The mandate from FIC raises the total new assets Investec won in 2002 to over £1bn, Investec said.
Mark Samuelson, head of institutional business development at Investec, said: “We are very pleased to have secured this specialist insurance mandate. In the current economic climate skilful active management of cash and bonds is crucial in adding value.
“We look forward to working with Folgate in achieving this goal.”
Investec Asset Management has also strengthened its global equity team with the appointment of Mark Breedon as a fund manager for emerging markets.
Breedon joins from Alliance Capital where he was director and senior vice president.
Before joining Alliance in 1986, he served as head of European equity portfolio management and research at First Chicago - later to become Brinson Partners.
He was also previously head of European equity research at Vickers Da Costa.
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