HSBC sweeps up mandates, BlackRock dominates European inflows in September (Copy)
HSBC Global Asset Management topped MandateWire’s manager league table in September, winning the most mandates among the European investors we surveyed during the month, while BlackRock attracted the highest net inflows.
HSBC will manage an Islamic growth fund and an Islamic retirement fund for L&G's Islamic Lifestyle Profile option. It was also chosen to look after three self-select funds, namely L&G PMC HSBC Islamic Global Equity Fund 3, L&G PMC HSBC Islamic Multi Asset Fund 3, and L&G PMC HSBC Islamic Sukuk Index Fund 3.
Jesal Mistry, L&G's head of DC investments, said: "HSBC AM's Shariah-compliant investment expertise, combined with L&G's scale and expertise in serving over 5.3mn DC members, will enable us to help address a critical gap in the UK pensions market and significantly broaden access to Shariah-compliant DC solutions."
Although Legal & General Investment Management and Standard Life Aberdeen lost two mandates each in September, according to MandateWire data, L&G recouped its mandate losses by winning two briefs from the £18.4mn Home-Grown Cereals Authority Pension Plan. The scheme invested in LGIM's diversified fund and the manager's buy-and-maintain range.
In addition to providing the pension fund with fiduciary management services, BlackRock will assist SSPF with socially responsible investments and the transition to the new Dutch pension system on January 1 2027.
Kenan Yildirim, director at SSPF, said BlackRock's appointment "ensures the execution of the investment process and carefully manages costs and risks in the transition".
Ostrum Asset Management and Schroder Investment Management were the other two managers attracting multibillion-pound inflows in September. Ostrum was hired to run €15.6bn of listed assets for CNP Vita Assicura, the Italian life insurance company with roughly €24.4bn in investments.
The mandate covers multi-asset, fixed income and equity assets. It also includes additional services such as order reception and transmission, and portfolio risk hedging.
