Smith & Nephew awards £120m multi-manager mandate to Frank Russell
UK – Smith & Nephew, the London based international medical device development and marketing firm, has appointed Frank Russell, to manage through its multi-manager funds a £120m (€195m) portion of Smith & Nephew’s £220m UK pension fund. Smith & Nephew employ 10,000 in 35 countries.

Frank Russell’s Mike Clark will also take over as investment consultant for the mandate, replacing Smith & Nephew’s retiring consultant, whilst Frank Russell Securities will take care of the transition of assets.

The mandate will consist of predominantly overseas equities, though no further breakdown is available, and is awarded following an investment review and asset liability study undertaken by Smith & Nephew’s trustees that prompted the move to multi-management.

According to Frank Russell, the remaining £100m portion of the fund will be managed by Schroders UK comprising equity and bond portfolios and a Philips & Drew property fund.

Frank Russell now manages over €70bn in global assets and advises clients worldwide to the value of more than €1trn.