Santander Asset Management hired Schroders as subadviser to manage £1.2 billion ($1.6 billion) in U.K. equity portfolios following a review.
The contract is new. The asset management arm of Santander currently manages the allocation through its own U.K. equity desk.
Schroders will take over the management of Santander AM's three U.K. equity strategies: the Santander U.K. Growth Unit Trust, Santander Equity Income Unit Trust and Santander Enhanced Income Portfolio, as well as three U.K. equity mandates within the firm's multiasset funds. The funds will continue to be managed under Santander AM's brand.
Also, Santander AM's equity fund managers, Graham Ashby and Duncan Green, who are in charge of the U.K. equity strategies, are joining Schroders as portfolio managers. In addition, Ashley Thomas was named research analyst at Schroders.
Additional details were not available.
