UK - AXA Rosenberg says it has been selected by the 3.7 billion-pound (5.3 billion-euro) Civil Aviation Authority Pension Scheme to manage a 70 million-pound European equity mandate.

The brief is to outperform the FTSE World Europe ex-UK Index, Axa Rosenberg said, adding it would be remunerated on the basis of performance and excludes the UK.

Russell Investment Group advised on the selection process.

Simon Vanstone, director and head of European marketing at AXA Rosenberg in London, said he was “delighted” to work with the Civil Aviation Authority Pension Scheme.

He also said a “significant proportion” of Axa’s clients appointed the manager on the basis of performance fees. “As a firm, we think they best align the interests of fund managers and clients.”

The CAA’s investment director, John Emly, was not available for comment.

AXA Rosenberg runs over 24.4 billion pounds worldwide, in both segregated portfolios and in a range of Dublin-based UCITS.

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