UK - Martin Currie Investment Management has won significant new mandates in its latest financial year but has denied speculation that its latest appointment signifies its planned sale.

For the 12 months ended 30 September, Martin Currie won a net £1bn in institutional clients. Significant wins included mandates from Sweden’s first state pension fund, AP1, which gave it a Japan brief; Switzerland’s UBP for a segregated China account; and ones for Japan and UK equities by Nordic insurer Skandia’s multi-manager arm.

For the group, new business was up £2.7bn but losses were exceptionally high at £1bn, the firm said. Ross Leckie, head of communications said for the current financial year it was budgeting for smaller outflows. “There were two main reasons for the high rate of losses, one was poor performance in European equities and the second was a shift in asset allocation by US institutions from Europe or Far East mandates to global allocations.”

Leckie said that from zero in 2000, Martin Currie had also passed £1bn under management in hedge funds. He added: “The tide has turned among European institutions, not just in hedge funds but in all higher alpha products, such as private equity and long-only.”

Martin Currie has also hired Ralph Campbell as its finance director. Campbell will start in early 2005 from GE Consumer Finance, where he is commercial director, and will replace the retiring Colin Winchester.

Cambell previously was finance director at Prudential Portfolio Managers where he oversaw the sale of its institutional business to Deutsche Asset Management. But Leckie said the company’s strategy of organic growth was not being changed and there was no intention to sell the company.

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