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  • Mandate roundup

GLOBAL - LD, Nykredit, BNY Mellon, Länsförsäkringar, SSgA, ERAFP, Russell Investments, Sustainalytics, Creative Benefits, PLT

Danish pension fund LD has awarded Nykredit Portefølje Administration a mandate for the day-to-day administration of its DKK50bn (€6.7bn) investment fund.

In January, LD reorganised its entire portfolio of listed assets into a new structure, while eight Danish and global asset managers took over the management of various asset classes.

Nykredit Portefølje Administration will collaborate closely with these managers with regard to investment mandate and reporting, among other things.

LD has also awarded Nykredit Bank - in conjunction with BNY Mellon - a mandate to manage the scheme's custodian bank activities.

Under the terms of the deal, Nykredit Bank will act as custodian bank subject to the statutory control function requirements on behalf of the investment fund.

In turn, it has outsourced the actual custodian bank functions to BNY Mellon, which will support LD's day-to-day operations directly.

In other news, Länsförsäkringar Fondförvaltning - the asset management and funds distribution business of Swedish bank Länsförsäkringar - has awarded State Street Global Advisors (SSgA) a €111m equity mandate.

The mandate has been allocated to the Global Equity Spotlight Strategy, managed by the fundamental equity team in Dublin (formerly Bank of Ireland Asset Management).
 
Eva Gottfridsdotter-Nilsson, chief executive at Länsförsäkringar Fondförvaltning, said it chose SSgA for its "robust" track record and the rigor of its investment process.

Meanwhile, the French Public Service Additional Pension Scheme (ERAFP) has awarded its first real estate mandate as part of a larger diversification of the fund's asset allocation.

The ERAFP selected AEW Europe SGP to manage the scheme's first investment in the asset class.

The scheme's new investment programme will focus on the acquisition and management of an office building located in Paris for a maximum of €40m.

This investment will also have to comply with the 'socially responsible investing' charter adopted by ERAFP.

With an initial duration of five years, the mandate may be extended for three consecutive one-year periods.

Elsewhere, Russell Investments has appointed Sustainalytics to provide stock-level environmental, social and governance (ESG) information to support analysis of its funds and client portfolios.

The Sustainalytics model incorporates 60-100 key performance indicators, weighted according to the industry in which they are operating.

These include a broad range of core and industry-specific indicators that address sustainability policies, management systems and performance outcomes.

In other news, Creative Benefits has been appointed by Animal Health Trust - a veterinary charity dedicated to improving the health and welfare of horses, dogs and cats - to provide ongoing advisory and consultancy services for its pension and life assurance scheme.

Creative Benefits will also help the scheme move to a "fully bundled basis", with Aviva aiming to significantly reduce management costs.

Finally, the Royal Society for the Protection of Birds (RSPB) has appointed Pitmans Trustees to serve as independent trustee.
 
The mandate will be managed by Pitmans' new specialist charity unit, which focuses exclusively on charity pension schemes.
 
Alan Sharpe, director of finance at RSPB, said: "We became convinced over the past year or so of the potential benefits of an independent trustee - not least to help manage potential conflicts of interest arising from trustees having several 'hats' (some are also charity trustees).

"We explored several options before appointing PTL and were impressed by the skills and experience of the team, as well as the practical manner in which they apply them."

RSPB is a £102m scheme with approximately 1,050 active members, 660 deferred and 300 pensioners.

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