PGGM awards Y40bn mandate
PGGM, the giant NLG111bn Dutch pension fund for health workers has selected Morgan Stanley Dean Witter Investment Management (MSDWIM) to run a ¥40bn (e438m) mandate in Japanese equities.
The mandate will be benchmarked to the FTSE Japan index and will be invested via Morgan Stanley’s flagship Japanese value equity product.
Commenting on the mandate award, Gerrit Russelman, director of equities at PGGM, says: “ We undertook a thorough selection process before deciding on Morgan Stanley. We were impressed by their excellent track record in this area and the disciplined, clear investment process.”
And as part of a restructuring of its technology systems to enhance access to centralised investment information, the fund has also chosen to pull in the front, mid and back office integrated systems of London-based Financial Models Company.
q Exel Retirement Plan, formerly the NFC Retirement Plan, has appointed Chase Manhattan Bank’s Global Investor Services to provide global custody for approximately £1bn (E1.7bn) in assets. Jimmy Walker, UK pension manager at Exel, comments: “The move to a global custodian is connected to the trend being set by investment managers but in doing so we are able to obtain consolidated reporting and to experience Chase’s broad array of products.”
q Northamptonshire county council has appointed Northern Trust to provide global custody for its £750 (E1.12bn) pension fund. The Council picked Northern Trust off a shortlist of three and the transition is due later this month.
Frank Russell’s has picked up two new investment mandates for its multi-style, multi-manager funds, which invest in Europe ex-UK, Japan and Pacific Basin equities.
The two briefs came from the Rexam Pension Plan and the pension fund of the Dairy Crest group - amounting to £275m and £73m respectively.