The £1.7bn (e2.6bn) in assets Croydon-based UK pension fund of Philips Electronics, UK, has awarded two identical global equities briefs of £225m to Dresdner RCM and Fidelity following a beauty parade of eight managers.
Alan Stone, group pensions manager at Phillips, says: “We decided that we wanted a truly global approach with 25% UK, 25% Europe ex UK, 25% North America and 25% rest of the world and felt that the investment styles of Dresdner and Fidelity complimented each other”.
Fidelity previously held a similar mandate for the fund and Stone adds: “We like their approach because they split the mandate into four and manage it as if it is
four separate mandates. Dresdner have a very interesting stock picking approach and what swung it for them was their unique grassroots research facility. Their process and returns were also very good”.
He explains that the Dresdner portion was previously managed by Schroders with the switch coming about due to the change of investment brief.
Advisers to the RFP were Bacon & Woodrow.
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