30th Nov 2015 10:51
LONDON (Alliance News) - Legal & General Group PLC's investment management arm on Monday said it has been appointed to manage a passive mandate for a group of seven local government pension schemes in the UK.
The GBP6.50 billion pooled passive mandate was won with a group of authorities for Cheshire, Leicestershire, Nottinghamshire, Shropshire, Staffordshire, Warwickshire and Worcestershire.
Sarah Aitken, Legal & General Investment Management's head of distribution, said the company's pooled passive mandates "can offer our clients a route to significant benefits of scale without compromising their individual investment and funding goals".
"We look forward to future discussions with other authorities as initiatives to deliver best value to taxpayers, scheme members and employers continue into 2016," Aitken said.
Shares in Legal & General Group were down 0.6% at 271.15 pence on Monday morning.
By Samuel Agini; [email protected]; @samuelagini
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