UK – AXA Sun Life Investment Management has lost a mandate worth about £11.5m (€16.7m) to Schroder Investment Management at the pension scheme of the Age Concern charity.

The change at the £26m defined benefit scheme followed a review which has resulted the appointment, pension manager Catherine Cowlard told IPE. AXA used to manage a pooled fund at the scheme.

“The trustees underwent a complete review of investment and asset allocation and this was the result,” Cowlard said, adding that Aon Consulting aided the trustee review.

Alan How, Age Concern finance director, said: “Schroders came up with a multi-asset solution that exactly fitted our needs. They have the expertise and experience in managing multi-asset mandates, in conjunction with a strong performance track record.”

Miles O’Connor, head of UK institutional business at Schroders, said: “We are seeing increasing interest in multi-asset mandates and expect this to continue.”

Age Concern retained Legal & General and appointed Threadneedle Asset Management for a real estate brief, which has not yet been funded, but should be worth about 10% of the total portfolio, Cowlard said.

It is the first time the scheme has made a direct real estate investment, she said. The charity also offers a defined contribution scheme, which is worth about £2m.

Axa Sun Life was not available for comment.