MLIM loses e441m Fife balanced mandate
UK – Merrill Lynch Investment Managers has seen its 300 million pound (441 million euro) balanced mandate for Fife Council Superannuation Fund in Scotland terminated.
The fund was originally managed equally by Henderson Global Investors and Merrill Lynch but following a periodical review it was decided to move away from a wholly-balanced strategy.
MLIM’s mandate will be replaced with three specialist mandates as follows: Barclays Global Investors will run a UK equity mandate; Alliance Bernstein will run a global equities mandate; and Western AM will run a global bonds mandate.
Henderson Global Investors will also see its portfolio reduced from 50% of the entire fund to 35%. Fife’s superannuation fund is currently valued at around 550 million pounds.
Fife aside, MLIM announced today that it has won a 75 million pound mandate for aerospace supplier Goodrich Corp. The UK specialist equity mandate will be managed by a team headed by Steve Thompson.