Scottish Widows Investment Partnership hired Legal & General Investment Management to run £267 million ($423 million) in active U.K. equity for SWIP’s £1.1 billion Multi-Manager U.K. Equity Focus fund, confirmed Andrew Perham, investment director at SWIP.
L&G joins the retail fund’s other subadvisers — Jupiter Asset Management, Four Capital Partners and BlackRock. Each firm runs £267 million.
Russell Investments, which had run the entire fund in a manager-of-managers program, was terminated earlier this year by SWIP, which then brought management of the multimanager fund in-house, Mr. Perham said. Jupiter had been part of the Russell program.
SWIP terminated Russell “because it was felt we had expertise to (manage the multimanager program) in-house,” Mr. Perham said.
L&G will manage the assets in its Legal & General Growth Trust, a retail fund managed by Robert Churchlow that holds 25 equally weighted stocks in a best ideas, high conviction and contrarian approach. With the new mandate, the trust will now total £487 million.