Lincolnshire County Council has selected Invesco Asset Management to run a £50m US equity mandate.
Invesco was selected from a final shortlist of four managers and will invest the money using its US structured core equity product. This is based on a quant oriented process seeking to emphasise attractive stocks without taking bets on industries or styles. Its objective is to outperform the S&P500 by 150-200 basis points over a full market cycle, while the risk profile aims to equal that of the index – measured against the annual standard deviation of return.
David Forbes, assistant county treasurer at Lincolnshire, comments: “Some 36 managers submitted proposals for this mandate and a thorough review of all these has taken place.
“Our investments sub committee was particularly impressed by the robustness of INVESCO’s process with the absence of any particular style bias being strongly attractive.”