Multek awards pensions brief (Correct)
GERMANY – State Street Global Advisors(SSGA) has just been awarded a multi-asset pensions mandate by the German branch of the multinational company Multek, based in Boeblingen, Germany (Clarifies pensions).
Details as to the size of the mandate and the number of tenders have not been released on the client’s request.
The mandate was won by SSGA due to its “sytematic and customer tailored solution,” according to a statement by German consulting firm Teichmann Finanzmanagement.
According to SSGA managing director Klaus Esswein, the assets will be pooled. “Multek is a smaller institutional investor which wanted to invest in a broad range of asset classes.
“But instead of having separate accounts, there will be a bundle of mutual funds built on the same underlying strategy of active and passive funds, but accessible with much smaller amounts.”
The assets have been split into four groups: European equity; international equity; emerging market equity; and European and international fixed income, said the consultancy.
“The majority of assets – approximately 60% - have gone into fixed income. This is due to an asset liability study done on behalf of the clients,” said Teichmann Finanzmanagement managing director Hubert Teichmann, who established the consultancy two years ago.
Multek is a Singapore-based multinational industrial company, which specialises in multi-layer technologies. It has branches in North and South America, East Asia, the UK and Scandinavia.
SSGA has approximately €1.1trn in assets under management.