Home > News > Asset Allocation > Insurer Scottish Friendly Chooses Schroders for $2.37B Mandate
Asset Allocation

Insurer Scottish Friendly Chooses Schroders for $2.37B Mandate

The asset manager will manage the mutual life firm’s insurance assets.
By Matt Toledo



Schroders PLC announced Monday that it has been selected by U.K. mutual life and insurance firm Scottish Friendly Assurance Society Ltd. for a 2.1-billion-pound ($2.37 billion) multi-asset mandate to manage a portion of the firm’s insurance assets.

The mandate follows Scottish Friendly’s simplification of its product offering, “ensuring customers have a clearer selection of competitively priced funds managed by Schroders,” according to a statement from Schroders. The mandate will encompass the asset manager’s multi-asset and fundamental equity capabilities, according to Schroders.

“The mandate is a show of support for our strong investment capabilities, compelling active investment proposition and commitment to the mutual sector, which continues to be a key growth area for us,” said Phil Middleton, Schroders’ head of U.K., in a statement.

According to Schroders’ 2024 Global Investor Insights Survey, more than half of surveyed insurance managers said they intend to increase their global equity exposures, and 95% of insurers said they either are invested, or plan to invest in, the private markets.

Want the latest institutional investment industry
news and insights? Sign up for CIO newsletters.

Schroders manages $143 billion in insurance assets globally. 

Scottish Friendly manages 6.3 billion pounds ($8.34 billion) in assets and has more than 838,000 members. Earlier this month, the firm purchased deferred annuity plan and premium annuity business from Fidelity International. The transaction increased Scottish Friendly’s AUM by 2.16 billion pounds.

Related Stories:

Ares Raises $2.3B for Life Insurance and Annuity Subsidiary

BPCE, Generali to Combine Asset Management Operations, Form $1.98T European Investment Giant

US PRT Market Sees $14B in Volume in Q3

Tags: , , ,

Home > News > Asset Allocation > Aware Super Invests $1B in Australia’s ‘Largest’ Intermodal Terminal
Asset Allocation

Aware Super Invests $1B in Australia’s ‘Largest’ Intermodal Terminal

The north Melbourne project is designed to create transportation infrastructure to improve supply chains in the country.
By Matthew Wai




Australian superannuation fund Aware Super has committed A$1.6 billion ($1.01 billion) to the Melbourne Intermodal and Industrial Exchange development to support expanded capacity and the creation of 3,000 jobs.

Aware Real Estate, a unit of the A$175 billion superannuation fund, owns and manages MIIX, which includes the nation’s first privately funded open-access intermodal freight terminal. It is being developed in partnership with Barings.

Aware Super’s subsidiary Intermodal Terminal Company is developing the Melbourne Intermodal Terminal, the first in its projected pipeline of “independently owned and operated” intermodal terminals.

Development of the MIIX was flagged at the start of 2023; it is set to be Australia’s largest intermodal terminal and is intended to boost the national supply chain and generate jobs.

For more stories like this, sign up for the CIO Alert newsletter.

The planned expansion will generate 1250 jobs on top of 60 from the MIT’s development and 750 roles during the construction phase, equating to 3000 jobs in total, Aware Super said.

Aware Super chief executive Deanne Stewart said the investment will generate “strong returns” and illustrate private capital’s significance in a long-term vision.

“The fusion of this industrial precinct with the MIT will create a core piece of essential infrastructure and real estate which will enable a vital connection to our nation’s import and export of goods,” Stewart said in a statement.

Aware Real Estate interim chief executive Tracey Whitby echoed Stewart’s sentiment.

“MIIX will be a multi-layered destination that lies at the intersection of rail and road in Melbourne’s north, and reimagining what’s possible for the nation’s future supply chain,” Whitby said in a statement.

Barings executive director Shaun Hannah added the strategy is to deliver high-quality developments including amenities such as cafes, solar panels and EV charging infrastructure.

“Together we have developed a cohesive precinct masterplan which will deliver a stronger value proposition for new tenants through the integration of new development opportunities with the existing footprint and the intermodal facility,” Hannah said in a statement.

This article originally appeared in our sister publication, Financial Standard, which, like CIO, is owned by ISS STOXX.

Related Stories:

Australian Pension Aware Super Launches Real Estate Platform

Cybercriminals Attack Major Australian Super Funds

Mergers Continue Across Australian Supers

 

Tags: , , , ,

«