LUTON, England — General Motors Corp.'s U.K. asset management arm is off to a slow start in following its U.S. parent into the manager-of-managers business.
General Motors Asset Management U.K has £1.5 billion ($2 billion) in assets under management. It first launched its third-party business — to oversee pension plan assets outside of the GM realm — in 2000. GMAM added two external plans in 2000 and two in 2001; two are from GM spinoffs. Andrew Duthie, chief operating officer, said the firm manages more than £300 million for the four plans. The remainder is managed for 10 General Motors pension plans.
Consultants say GMAM is not even on their radar screens.
Paul Black, head of investment consulting for Mellon Human Resources and Investment Solutions, London, said the onus is on GMAM to get in front of the consultants.
Mr. Duthie said GMAM is concentrating efforts on providing information, such as the performance of its pooled funds and where it wants to take its third-party business, to consultants that focus on multimanager strategies.