Danish LD (Lønmodtagerns Dyrtidsfond) has completed an open tender procurement procedure and has selected the managers who will be responsible for listed investments of more than EUR 5 billion from 2011.
The institutional investor received applications from more than 100 Danish and foreign asset managers and 40 managers were prequalified in summer 2010 to submit an actual offer for one or more of the mandates. The evaluation of the submitted offers has resulted in that LD will sign framework agreements with 20 companies.
Among the 20 companies which were awarded framework agreements, LD has now selected those who will be active managers on 12 different investment mandates starting from 2011. The other managers with framework agreements will be entitled to participate in future bid-rounds, which will take place in case LD decides to replace one or more of the present active managers. LD has worked together with Swiss based PPCmetrics and PA Consulting Group in this manager search.
“It is important for LD to have the opportunity of “shutting down” an active manager who does not deliver sufficiently good results or sufficient quality in the daily collaboration and replace him with another manager. The framework agreements offer that possibility by undertaking a mini-ender, and this will most certainly contribute to improve performance among the chosen investment mangers”, says Carsten Koch.
Awarded framework agreements and selected active managers (Active managers in bold)
Danish High Grade Bonds (EUR 2.6 billion)
Fondsmæglerselskabet LD Invest (Denmark)
Jyske Bank (Denmark)
Nordea Investment Management (Sweden/Denmark)
Nykredit Bank Asset Management (Denmark)
PFA Kapitalforvaltning (Denmark)
Sparinvest Fondsmæglerselskab (Denmark)
Global Inflation Linked Bonds (EUR 0.05 billion)
BNPP Investment Partners / Fisher Francis Trees and Watts (France/USA)
Standard Life Investments (Great Britain)
Western Asset Management (USA/Great Britain)
Credit Investments (EUR 0.5 billion)
J.P. Morgan Asset Management (USA/Great Britain)
Wellington Management (USA/Great Britain)
Western Asset Management (USA/Great Britain)
Global Equity (EUR 1.25 billion)
Fondsmæglerselskabet LD Invest (Denmark)
ING Asset Management (The Netherlands)
MFS Investment Management (USA/Great Britain)
Schroder Investment Management (Great Britain)
Wellington Management (USA/Great Britain)
Danish Equity (EUR 0.85 billion)
BankInvest Asset Management A/S (Denmark)
Carnegie Asset Management Fondmæglerselskab (Denmark)
Fondsmæglerselskabet LD Invest (Denmark)
Jyske Bank (Denmark)
Nykredit Bank (Denmark)
PFA Kapitalforvaltning(Denmark)
Emerging Markets Equity (EUR 0.2 billion)
Rexiter Capital Management Limited (Great Britain)
Schroder Investment Management (Great Britain)
T. Rowe Price Global Investment Services (USA/Great Britain)
Danish Short Term Bonds (EUR 0.125 billion)
Fondsmæglerselskabet LD Invest (Denmark)
Jyske Bank (Denmark)
Nordea Investment Management (Sweden/Denmark)
Environment and Climate Equity (EUR 0.075 billion)
BNPP Investment Partners / Impax Asset Management (France/Great Britain)
F&C Management (Great Britain)
ING Asset Management (The Netherlands)
Danish Money Market Instruments (EUR 0.05 billion)
Fondsmæglerselskabet LD Invest (Denmark)
Nykredit Bank (Denmark)
Källa: LD (2010-11-02)
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