ChevronTexaco scheme taps BIAM for equities
NETHERLANDS- The Bank of Ireland Asset Management has been awarded a mandate from the US energy group ChevronTexaco to manage global equities for its 240 million-euro pension fund in the Netherlands.
ChevronTexaco declined to disclose the size of the mandate but told IPE that nine asset managers had been short-listed before BIAM was appointed.
The sponsor also said it had tapped the asset management arm of the Bank of Ireland because it was “comfortable” with its “active style, historic risk adjusted performance and expectations for future out-performance”.
There were “no more plans for appointing new managers”, a spokesman for ChevronTexaco said, adding that no consultant had been involved with the selection.
"We are particularly pleased about the mandate from ChevronTexaco, as it is a confirmation of our competence in global equities," commented Robert Hau, BIAM's head of Continental Europe.
"It also gives a boost to our business in the Netherlands, which is after all the fifth-largest pension fund market in the world."