KBI wins $500m in new business
ONE MORE THING:KLEINWORT BENSON Investors in Dublin has won additional business potentially worth about $500 million from funds across two continents.
It also also landed the Investment Manager of the Year (Ireland) Award by World Finance magazine.
The mandates include Mercer Investment Management, the asset management arm of Mercer in the US, which has selected KBI to manage its multi-manager emerging market equity fund, launched in North America.
Merrill Lynch Wealth Management has selected the Irish firm as one of two investment managers to run an income- oriented international equity strategy for its larger clients.
In addition, Virtus Investment Partners, which has assets under management of $35 billion, has tapped KBI to manage its new emerging market fund, which is due to be launched shortly.
KBI has also been appointed as a “standby manager” for global equities for FDC, the €9.7 billion Luxembourg state pension fund, and as a “framework manager” for the London borough of Havering.
The Irish group is also concluding contract negotiations with a California public fund that is investing in KBI’s environmental products.
KBI chief executive Seán Hawkshaw was “delighted” with the client wins, which he said reflected changes to its investment strategy and focus in recent years.
“We recognised some years ago,” he said, “that the investment industry was heading towards specialisation and that large generalist firms would find it hard to survive in an industry that has so many specific needs from different clients.”