Mandate switched

Aberdeen Standard Investments takes over Phoenix fund

Aberdeen Standard Investments golf

ASI is new manager (pic: Terry Murden)

Pensions consolidator Phoenix has replaced Architas with Aberdeen Standard Investments (ASI) to manage one of its biggest mandates.

The switch of manager of the £800 million Elite funds follows an agreement at the time of Phoenix’s £3.2 billion acquisition of Standard Life Aberdeen’s insurance business in 2018.

As part of the deal, the pair agreed that ASI’s owner SLA would continue to manage the £110.5bn of assets within the Standard Life insurance book and have the opportunity to pitch for more mandates within Phoenix’s £329bn of assets.

The Phoenix group and SLA have previously made clear that all investment mandates where ASI has proven capabilities would be reviewed following the formation of their strategic partnership.

Meantime, Standard Life Private Equity, a £674m listed fund run by Aberdeen Standard Investments, has named a new lead manager.

Alan Gauld will take over management of the private equity investment trust with immediate effect, the company said in a stock exchange announcement.

Mr Gauld, who has been a member of the private equity team for 10 years, will replace Merrick McKay, who has taken on a wider role within the group as head of European private equity following changes to the team in November.

Standard Life Private Equity, which primarily invests by putting money into other private equity funds, revised its strategy last year to allow it to make direct co-investments alongside private equity managers. The company can put up to 20% of its assets in co-investments.

Leave a Reply

Your email address will not be published. Required fields are marked as *

This site uses Akismet to reduce spam. Learn how your comment data is processed.