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M&G ousts CCLA in bid for Sutton mandate

The London Borough of Sutton is this month replacing CCLA with M&G to manage £60m ($95m) worth of its £120m pension fund.

The rest of the fund is staying with Henderson Investors and, although CCLA re-tendered for the first slice of the action, it was pipped at the post by M&G, according to George Walmsley, Sutton's head of corporate finance, who says: We're going for a balanced global portfolio, some of which will go into Europe, which is doing very well at present and accounts for about 7-8% of our investments.""

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