Balanced with Baillie
Edinburgh-based independent fund manager Baillie Gifford has picked up two new balanced pension fund mandates, taking advisory and managed funds in the group to over £21bn (e34.3bn).
The Birmingham-based Fujitsu Telecommunications Pension Plan, a subsidiary of the Japanese group, has selected the manager to run its £37m fund through a balanced portfolio, after dropping incumbent Phillips & Drew .
Gordon Sharp, director of investment consulting at KPMG pensions, advisers to the manager selection process, says P&D lost the brief due to a combination of bad performance and unchanging investment policies.
Following a beauty parade of four managers, Sharp says Baillie Gifford were selected for “a combination of their enthusiasm and team-based approach”.
Avis Pension Trustees, the UK pension plan for the car rental firm has also appointed the firm to invest a £44m balanced brief. Buck Consultants advised on the manager selection.