UK – The London office of Crédit Agricole Asset Management (CAAM), the investment management arm of French financial services group, Crédit Agricole, has won two new mandates to run the fixed income portfolios of B.F. Caudle Agencies and Ensign Managing Agency, both managing agencies for Lloyd’s of London syndicates.

The mandates are collectively worth US$ 150m (€170m), though individual values are unavailable.

CAAM replaces Investec at Ensign, a move that is said to originate in the change of ownership of Ensign and not through poor manager performance, whereas B.F. Cuadle previously managed its assets inhouse.

Says Marcus Johnson, managing director of CAAM’s London office: “in effect both mandates are new appointments. Caudle is simply following the trend towards outsourcing asset management, whilst we are the first managers to be appointed at Ensign since the company underwent corporate restructuring, including a change of ownership.”

CAAM is headquartered in Paris and has some €161bn in assets under management.