UK- The £60m European pension plan of Inco, the Canadian mining company, has appointed Rothschild Asset Management to manage its £20m specialist UK equity investment portfolio.

Rothschild saw off competition from Deutsche Asset Management and Barclays Global Investors who were interviewed for the mandate.

Rothschild will manage the portfolio against the FTSE All Share index with an outperformance target of 1% per annum after fees.

The appointment follows a decision by the Trustees and their consultants Towers Perrin to review the existing manager line up of Gartmore Fund Managers and Glasgow Investment Managers.

Alan Chainey, chairman of Inco’s board of trustees said of the decision to appoint Rothschild: "we were impressed with their whole investment process, from the way they conducted research, through to their portfolio construction and the risk controls they have in place plus, of course, their track record."

Established sixty years ago, the scheme provides pension benefits to employees and former employees of Inco's European operations.

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