UK – London based quantitative asset manager, Axa Rosenberg, has won a £44m (€71m) pan-European equity mandate from the £449m pension scheme of Ciba Specialty Chemicals UK.

The win follows the fund’s regular investment review undertaken by investment consultants, William M. Mercer.

Axa Rosenberg replaces J.P. Morgan as manager for the pan-European equity portfolio, with the decision to change being performance related.

Says Jackie Broughton, UK pensions manager at Ciba, said: “The trustees were impressed with Axa Rosenberg’s investment process and we look forward to a fruitful relationship.”

The win represents the first pan-European equity mandate for Axa Rosenberg, which manages some £6.4bn worldwide, with the London office accounting for £2.6bn in equities.