UK - Universities Superannuation Scheme (USS) has appointed Man Group to run a managed account for up to US$1bn.
Under the arrangement - which will last a minimum of three years - USS will start allocating funds in the first half of 2010 and gain access to Man's managed account platform, benefiting from increased transparency, liquidity and control.
Man will provide advisory services around operational due diligence, manager take-on and risk management oversight for USS. USS will have sole responsibility for manager selection.
A managed account is a fund which is owned by the investor and controlled by independent third party providers. The trading strategy typically mirrors the strategy of an existing investment fund, but the mandate can be tailored to meet specific portfolio management requirements.
USS head of alternatives Mike Powell said: "We undertook a rigorous selection process for our managed account platform provider. Man impressed us with the depth of their expertise and robustness of their risk management processes. We look forward to a long lasting and successful partnership."
Man head of UK institutional sales Paul Dackombe added: "USS is highly regarded as one of the most sophisticated pension funds in the UK. The fact that USS has seen fit to award us such a sizeable mandate highlights the attractiveness of our well established managed accounts platform."
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