UK - The 1.2 billion pounds Surrey County Council has appointed Schroders Investment Management and boutiques Majedie Investments and Mirabaud Investment Managers as managers for its equities portfolio as it prepares to switch to specialist management.

Schroders has been awarded a 35 million pounds (51.1 million euros) specialist European equity mandate.

“It follows the completion of a review of investment management arrangements to a core-satellite specialist structure,“ Schroders said in a statement.

The objective will be to outperform the FTSE W Europe, excluding UK, Index by 3% per annum over three-year rolling periods.

Head of corporate communications, Julian Samways commented: “This win reflects our excellent track record in specialist European equities and a real understanding of the needs of local authority clients.“

Specialist UK equity investment boutique Majedie Investments has won a 45 million pounds mandate. The fund will be managed by a team including managing director James de Uphaugh, Chris Field, Robert Harris and Adam Parker.

De Uphaugh said: “This is a very important mandate win for us, as it is our first business from a local authority. We remain focused on delivering consistent investment performance”

This mandate adds to the recently announced assets under management figure of over 750 million pounds, Majedie said.

Boutique Mirabaud Investment Managers was also awarded a 45 million pounds equity mandate, director John Owens said. The boutique manages funds for three more municipalities, he added.

Baring Asset Management and Deutsche Asset management have lost of balanced mandates worth about 200 million pounds and 330 million pounds respectively.