UK - Privately-owned investment management firm Baillie Gifford & Co has had a £7m fund management mandate renewed by the Scottish Parliamentary Contributory pension fund.
The fund, for the members of the Scottish parliament, put the mandate out to tender after Baillie Gifford’s former contract with the corporate body expired.
“The previous contract duration was complete and this is an ongoing requirement and was therefore put back out to competition,” a spokesperson for the fund said.
“[The contract] was awarded following a competitive tender exercise which was advertised in the Official Journal of the European Union.
“Their tender was evaluated following SPCB procurement policy.”
The mandate was advertised in January this year and deadline for tender was March.
The fund said advice was provided by the Scottish Public Pensions Agency and the Government Actuary Department during the tender process.
Expected annual income from contributions is £1.2m.
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