UK/Global - London-based Veritas Asset Management is wooing pension funds into its global equity strategy, which is currently dominated by retail investors.
Veritas director, fund manager and head of research Andy Headley said the firm has been in discussions with pension funds in the UK, Scandinavia and Australia.
The strategy, which has £500m (US$830m) in assets mainly from retail investors, currently has one UK-based corporate pension fund client.
But Headley said two UK pensions have committed a combined £250m, which should be funded by the end of the third quarter.
He added that last quarter, the firm was added to the approved list of managers for two UK consultants and one in Scandinavia. Headley declined to name the new clients or the consultants.
Headley said the firm has no firm targets on how much of their business should come from institutional plans, but that the company as a whole looks for a balance of inflows from institutional, retail, high net worth and others.
In regards to the global strategy, Headley added: "We expect our flows to be dominated by institutional investors over the next three to five years."
The Veritas Global Fund is offered as an income fund and a focus fund. It's a concentrated portfolio of 30-40 holdings.
Based on the firm's current investment theme, Veritas targets companies set for growth in the three-five year period.
In the year ended July 31, the pound-denominated income fund returned 4.57%, topping the MSCI World Index by 10.91 percentage points. Three-year return is 20.31%, besting the index by 25.82 percentage points.
The pound-denominated focus fund returned 10.83% in the year, beating the index by 17.17 percentage points; and 23.07% in the three-year period, beating the index by 28.58%.
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