UK – The Isle of Man Treasury has appointed Clerical Medical Investment, part of the Halifax Group, to manage a £100m active balanced mandate. The portfolio, effective from June, was awarded on a five-year contract basis and will be run by the manager’s Isle of Man office.

“Our profile in this prestigious and highly competitive market has been buoyed by years of strong and consistent performance, and our reputation as active managers,” says David Somers, director of institutional funds at Clerical Medical.
“This is our first government win and follows our first win in the local authority arena last year. It’s great news,” he adds.

The asset’s of the treasury include a national insurance investment account, a reserve fund, public service employees pension reserve, a hospital estate and notes-issued funds.

Following Halifax’s acquisition of Equitable Life Assurance’s non-profit and unit-linked business, Clerical Medical is undergoing integration with Equitable’s asset management division.
The move almost doubles the value of the manager’s funds under management, growing to £65bn from £33bn and making it one of the UK’s top ten fund managers.

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