GLASGOW - The Strathclyde Pension Fund has picked Hill Samuel Asset Management to manage a 100 million pounds U.K. small-cap equity mandate. The fund has 4.2 billion pounds ($6.8 billion) in assets.
Hill Samuel replaces M&G Investment Management, which had managed the account for six years. While M&G met its performance target, returns were strong in the beginning and weakened toward the latter part, said Geoff Singleton, Strathclyde Regional Council's deputy director of finance. Also, changes at the portfolio manager was a factor.
Richard Hughes, head of U.K. equities at M&G Investment, said the small-cap team had been strengthened, "but there has been a change and that does cause uncertainty."
Hymans Robertson, Glasgow, was the consultant.