PPP Healthcare Medical Trust, London, has split L320 million ($528 million) evenly among three managers.
Britannia Asset Management and Fidelity Pensions Management were picked to run actively managed global balanced briefs, while Barclays Global Investors was picked to run a passively managed U.K. equities mandate for the newly created trust.
The trust's board will meet next month to allocate an additional L100 million among the three managers.
The trust was created from the sale of PPP Healthcare to Guardian Royal Exchange, for L520 million. An additional L100 million is held by Guardian Royal Exchange, in the form of guarantees on the deal