Mediolanum International Funds selected Baillie Gifford and Federated Hermes to subadvise the assets of its sustainability-focused global equity fund, a spokesman said.
Mediolanum Best Brands Global Impact Fund, which has €53 million ($70 million) in assets, invests in companies with products and services that provide solutions to global challenges, such as social inclusion and education, environment and resources as well as health care.
The fund is available to institutional investors on a customized basis and was seeded by financial advisers and bankers, the spokesman said.
Ballie Gifford will manage 80% of the fund's assets, with Federated Hermes running the remaining 20%.
