News: BlackRock in fiduciary first with Henkel deal.

Pensions Week, June, 2009

Byline: David Rowley

BlackRock has completed the implementation of the first multinational, multi- scheme fiduciary mandate.

It is now responsible for GBP1.7bn worth of assets from the US, the UK (approx GBP90m), and the Dutch, German and Irish pension schemes for Henkel, the manufacturer of glues and sealants such as Sellotape, Pritt stick and Loctite.

The deal cuts the number of fund managers used by the five schemes from 23 to 11, with BlackRock managing a sliding scale of between half to three-quarters of the assets.

The move gives the schemes the economies of scale to access a wider diversity of asset classes, while bringing Henkel International time and cost efficiencies by using a smaller number of fund managers.

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