Mandate roundup: SAUL, Northern Trust, Irish Life, AMP, West Midlands, Hymans Robertson
EUROPE - The Superannuation Arrangements of University of London (SAUL) has awarded Northern Trust a £1.5bn (€1.75bn) mandate to provide global custody, securities lending, cash and foreign exchange services.
As part of the reappointment, Northern Trust will act as master record-keeper for private equity and infrastructure funds.
Northern Trust has also extended its services to include investment risk and analytics across the portfolio.
Penny Green, chief executive at SAUL Trustee Company, said: "We were looking for a provider that could demonstrate an understanding of SAUL's needs and strategy while being able to help us meet our future objectives of reducing administration costs, improving internal governance and maximising investment returns."
SAUL has been working with Northern Trust since 2003.
In other news, Irish Life Investment Managers has selected AMP Capital as investment manager to manage the new infrastructure fund it has recently launched.
The new fund, Irish Infrastructure Trust, will target investment in Irish assets - including those designated for disposal by the Irish government and Irish commercial state enterprises - as well as investments in new infrastructure projects in Ireland.
Irish Infrastructure Trust, which will seek as much as €1bn from global and Irish institutional investors, has already received investment commitments of €300m from institutional funds, including €250m from the National Pensions Reserve Fund.
AMP Capital will invest and manage the portfolio of infrastructure assets with full responsibility for all investment decisions.
Gerry Keenan, chief executive at Irish Life Investment Managers, said: "This fund aims to provide long-term investors with a stable income yield as well as the potential for capital growth from a substantial portfolio of assets that underpin the Irish economy."
Finally, the West Midlands Metropolitan Authorities Pension Fund has recently awarded the consultancy firm, Hymans Robertson, a £455,000 mandate to receive advice and support in formulating a Strategic Investment Allocation Benchmark (SIAB) and keeping this under annual review.
In addition, Hymans Robertson will have to provide regular updates on issues that may affect the SIAB, and a full analysis of one SIAB portfolio each year, together with recommended appropriate amendments for discussion and consideration by the Superannuation Committee.