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Shetlands appoints equity, property managers

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UK - The Shetland Islands local authority has appointed asset manager GMO to manage an £80m (€118m) specialist global equity mandate for its miscellaneous fund.

The mandate will make up 30% of the €408m reserve fund.

Local councillors made the decision on the basis of published criteria including "financial and economic standing", the fit with the council's investment programme, past history and a willingness to travel to Scotland for meetings.

Treasurer Colin Bain said: "It went to the council for collective agreement. It wasn't unanimous - the two other short-listed candidates had their supporters - but it's up to the councillors to decide." 

GMO is a 350-strong global private partnership specialising in equity, fixed-income and absolute return strategies. The firm manages client assets of $140bn (€105bn), of which $125bn is in equities.

In separate news, the Shetland Islands council yesterday appointed a real estate manager for its £20-40m allocation to UK property. The contract is a pooled property mandate for "either a single fund, or a fund of funds, or a segregated funds of funds".

The fund had not yet informed the bidders of its decision and therefore declined to disclose details of the winning bid to IPE.

 

Find more stories on institutional investment into real estate on www.iperealestate.com.

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