GMO announces mandate wins worth E229m
UK – UK equities are now at “fair value,” says fund manager GMO, which adds it has won six UK equity mandates worth 160 million pounds (229 million euros) this year.
During the first quarter of this year, GMO, the wholly-owned subsidiary of US company Grantham, Mayo, Van Otterloo & Co., has been appointed to run six UK equity mandates for institutional clients in the UK.
New clients come from the corporate sector, the public sector and multi-managers and include Accenture, ChevronTexaco and a UK local authority.
The total of mandates amounts to 160 million pounds, but this figure is expected to grow rapidly as some of the wins are unfunded defined contribution schemes.
Says Paul Bostock, managing director of GMO in London: “We believe UK equities are now at ‘fair value’ compared with US equities which have still not reached that point.”
GMO has 17.2 billion pounds in assets under management.