L’Oreal awards E35.6m to Russell
UK – The L’Oreal (UK) Ltd. Retirement Benefits Plan has awarded Russell a global equity mandate worth more than 24 million pounds (35.6 million euros) - 22% of the total plan assets.
The assets will be invested in Russell’s multi-manager equity funds, including the UK, Continental European, United States, Japan and Pacific Basin equity funds.
Catherine Lambert, chairwoman of the investment sub-committee at the fund, said said: “Given the dynamics of the equities market today and the rigorous time, effort and expertise needed to select and review fund managers, we decided on a manager of managers approach for a part of the equities portfolio of our pension fund.”
She added: “We believe that Russell will deliver us long term results consistent with our investment strategy in a cost effective way and with absolute professionalism."
Adrian Jackson, managing director, institutional sales at Russell, said: “Increasing numbers of trustees view Russell’s multi-manager funds as the most cost and risk effective way of implementing their investment strategy.”
“Russell is continually seeking to ensure that it has the managers, funds and strategies to provide innovative solutions that keep pace with the demands of our wide range of pension fund clients.”
Russell manages more than 107 billion dollars in assets, of which more than over 30 billion dollars is managed from Europe.
Last month the 16 billion-crown (2.21 billion-euro) pension fund of the Danish financial sector, Finanssektorens Pensionskasse awarded two equities and a hedge fund- of-funds 50 million dollars (41 million euros) mandates to Russell.