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News: Merrill Lynch loses oe400m equity brief in BAA overhaul.(British Airports Authority pension fund management)(Brief Article)
Financial Times Mandate, October, 2002
Merrill Lynch Investment Managers (MLIM) has lost a GBP400m UK equity mandate as a result of a restructure of the British Airports Authority (BAA) pension fund. Fidelity has swapped an equity mandate for a fixed income brief and UBS and Capital International have picked up GBP200m worth of business each.
"We've been looking at the portfolio for some time and we knew we had a very high equity exposure and high UK equity exposure, in particular," said Eric Hunt, BAA's group pensions manager. "We've had a portfolio balance like that since the back-end of the 1980s and you can't run a bet like that indefinitely," he said.
BAA has doubled its assets in fixed income instruments to 30 per cent, increased international equity holdings to 35 per cent of the...
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