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SSgA awarded GBP1.4bn mandate by Merseyside Council

State Street Global Advisors (SSgA) has been appointed by Merseyside Council to manage GBP1.4bn in assets of its pension fund, bringing the assets SSgA manages for the Local Authority sector to more than GBP7bn.

Merseyside Council has selected SSgA’s Managed Pension Funds Limited (MPF) fund, a UK-domiciled pooled fund vehicle for pension fund investors, for this mandate.

MPF offers a suite of pooled funds across the major asset classes and provides investors with cost-effective access to a broad range of investment strategies.

The assets from this latest mandate will be allocated among passive UK, North America and Index-Linked Gilt funds within the firm’s Managed Pension Fund vehicle.

Paddy Dowdall, investment manager at Merseyside Council, says: “SSgA is a leading index manager and having thoroughly reviewed its service, we believe it offers the most attractive investment solution for managing this mandate in terms of quality and price. We selected SSgA for several reasons, including its high performance levels, broad range of services and strong risk controls and we are delighted to be working with them for this mandate.”

Susan Raynes, head of SSgA’s UK, Middle East and Africa (UKMEA) business, says: “We are committed to providing the Local Authority sector with an array of investment management solutions to guide them through the many challenges and opportunities the industry faces. We are extremely pleased Merseyside Council has selected SSgA’s MPF fund for this mandate and look forward to building our relationship.”

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