UK – Hastings Borough Council in East Sussex, with £33m (e52.1m) in investment, has awarded Dresdner RCM Global Investors with a £14m (e22.1m) cash mandate. The cash will be managed as a segregated portfolio by the London-based asset manager’s local authority team.
Investec runs the remainder of Hastings’ investments on a balanced mandate. The borough was advised by Sector Treasury Service in its selection process.
Dresdner RCM manages funds for 44 UK local authority clients, with assets totalling almost £850m (e1.34bn).