UK - The Shetland Islands local authority has appointed asset manager GMO to manage an £80m (€118m) specialist global equity mandate for its miscellaneous fund.
The mandate will make up 30% of the €408m reserve fund.
Local councillors made the decision on the basis of published criteria including "financial and economic standing", the fit with the council's investment programme, past history and a willingness to travel to Scotland for meetings.
Treasurer Colin Bain said: "It went to the council for collective agreement. It wasn't unanimous - the two other short-listed candidates had their supporters - but it's up to the councillors to decide."
GMO is a 350-strong global private partnership specialising in equity, fixed-income and absolute return strategies. The firm manages client assets of $140bn (€105bn), of which $125bn is in equities.
In separate news, the Shetland Islands council yesterday appointed a real estate manager for its £20-40m allocation to UK property. The contract is a pooled property mandate for "either a single fund, or a fund of funds, or a segregated funds of funds".
The fund had not yet informed the bidders of its decision and therefore declined to disclose details of the winning bid to IPE.
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