UFJ Trust Bank, Tokyo, hired Baillie Gifford to subadvise its entire £2.5 billion ($4.4 billion) global equities portfolio, most of which will be in North American equities.
Baillie Gifford had managed £900 million in pan-European equities for the group, said Baillie Gifford Partner Ross Lidstone; he would not identify the other previous managers.
UFJ officials could not be reached by press time.
