Evidence of the growing interest in tactical asset allocation mandates in the UK comes from the recent award to Gartmore of a £40m brief from the Shepherds Friendly Society.

The manager will provide active allocation advice and will also manage the society's portfolio on a passive basis. The objective is to outperform a customised benchmark based on its asset/liability position.

In contract to other managers, Gartmore is one of the few to provide TAA on a judgmental basis and says it has won eight out of its last nine pitches for this area of business. Around £21bn of TAA assets are managed by Gartmore, including a £440m brief for Avon County Council won earlier this year.