UK – The 1.7 billion pound City of Edinburgh Lothian Pension Fund has replaced Deutsche Asset Management and ISIS with Martin Currie as manager of a 125 million pound (189.7 million euro) specialist UK equity mandate.
The new appointment marks another Lothian portfolio loss for Deutsche Asset Management, which was dropped as fund manager of a 150 million pound European equities brief in July 2001.
Martin Currie’s UK active team of Jeff Saunders and David Urch will manage the fund, which has a performance target of 2% above the return of the FTSE All-share index.
Says Keith Falconer, managing director of sales and marketing at Martin Currie: “We have been investing in new people, products and processes. This is now bearing fruit. The winning of the Lothian Pension Fund mandate follows an outstanding year for our UK Growth product, and we look set to attract more institutional mandates in 2003."
Since the start of its financial year on October 1 2002, Martin Currie has won over 800 million pounds of new institutional mandates.