UK- Croudace and Maybrook Properties have appointed Frank Russell Company to manage their £15 million pension scheme. Trustees of the fund were advised by Jardine Lloyd Thompson, and have opted to invest in Russell’s multi-style, multi-manager funds.
Between them, the two companies have both a defined benefit scheme and a defined contribution scheme. The DB scheme will be invested across various Russell funds with a scheme specific benchmark while the DC scheme will be invested in Russell’s UK Balanced Fund and Sterling Bond Fund.
Croudace is a privately-owned house building company and Maybrook owns and manages a £70 million portfolio of industrial, commercial and retail properties throughout England.
Commenting on the appointment, a spokesperson for Croudace said: “we selected Frank Russell after a careful and considered review of the fund managers we thought would be suitable. We believe this approach of investing in highly successful funds coupled with rigorous monitoring of performance will result in good returns for the schemes over the next few years.”