The e550m Brussels-based VKG/CPM pension fund has dropped fund managers Jennison Associates and Invesco Asia from mandates totalling e65m, prior to the introduction of the new healthcare sector pension fund, ‘Amonis’, that the scheme is backing (see page 10).
One of the factors believed to be behind the Jennison termination was that as a solely US manager the firm did not comply with the requirements of the Sicav structure being implemented by Amonis.
The firm managed a US aggressive growth portfolio of about e20m, some 3.5% of the fund’s total assets. The fund’s other growth manager, Gartmore, remains with the fund.
Invesco Asia loses an emerging markets brief of between e40-45m and the assets from both managers will be split between the remaining managers within the fund’s investment structure.
In a separate decision, the fund has hired Australian property group, Lend Lease Houlihan Rovers (LHR), to an e45m property mandate split between Europe and the US.
The brief, awarded to LHR’s Brussels office, will be an indirect real-estate arrangement divided between around 75-80% European investment and 20-25% US exposure, and will be part of the offering of the new Sicav of Amonis.