Saffron Walden Herts & Essex Building Society, Saffron Walden, England, hired Investec Asset Management to run £50 million ($87 million) in an active U.K. cash-plus portfolio, said Paul Cammies, relationship manager at Investec. The portfolio is the society's first to be externally managed, Mr. Cammies said. Funding will come from cash.
The society "appointed Investec because of its strong track record and considerable experience in cash investment," Jon Hall, finance director at Saffron Walden Herts & Essex, said in a news release. Mr. Hall referred all questions to Mr. Cammies.
Mr. Cammies said several U.K. building societies have begun outsourcing cash management to firms that can provide higher long-term returns.