Skandia is linking up with BlackRock International and ING Investment Management to run its Europe e...
Skandia is linking up with BlackRock International and ING Investment Management to run its Europe ex UK life and pension fund links, writes Leo Bland.
BlackRock and ING will each manage half of money in Skandia's Europe excluding UK life and pension fund links. The BlackRock mandate will be managed by Albert Morillo and his investment team who joined the group from Scottish Widows. This will have a mandate of beating the benchmark index by 1.5% a year.
The ING mandate will be more passively managed with a target of beating its benchmark index by 0.5% a year. ING uses a stock filtering system and tends to focus exclusively on blue chip stocks rather than small caps for liquidity reasons.
ING and BlackRock are taking over the Europe excluding UK life and pension fund mandates which were previously run by five different fund management groups for Skandia. Skandia declined to reveal which fund management groups had run the money up until now.
BlackRock has around $177bn in assets under management and has around 550 employees. ING, the Dutch financial services group, has operations in more than 60 countries and is the parent company of Barings.
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