UK - The €69bn asset manager Mn Services has been awarded a fiduciary management mandate in the UK, worth £450m (€523m).

The award comes from the trustees of Delphi Pension Schemes, the UK retirement vehicle for the car parts manufacturer, and will see Mn monitor the schemes' funding ratio, as well as oversee strategic asset allocation and risk management.

Ruud Hagendijk, chief executive of Mn Services said he was extremely proud of the award and commented: "Together with the other fiduciary management appointments in the UK in 2010, it is clear that fiduciary management model is as relevant to trustees here in the UK as it is in the Netherlands.

"Having gained six UK clients with £1.2bn in assets puts us far ahead of our original plans, and confirms to us [that] Mn Services' proposition has clear added value for UK trustees," he added.

In addition to the above-mentioned duties, Mn will also handle manager selection, cash management, currency overlay management, custody management and all socially responsible investment aspects for Delphi.

Previous UK appointments for the asset manager, which recently filed a lawsuit against Royal Bank of Scotland over the banks' exposure to the US sub-prime market, include the pension fund for Macmillan Cancer Support.

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