19/03/2008

Lothian Pension Fund Reappoints Standard Life Investments

Standard Life Investments, one of the largest property investors in Europe, today announced that it has been reappointed by the £3bn Lothian Pension Fund to manage a segregated property portfolio valued at £350m.

The reappointment follows a competitive tendering and evaluation process involving a number of investment houses. Sandy Pringle, Fund Manager, will continue to be responsible for managing the account. The fund’s objective is to outperform the IPD Universe by 1% per annum on a rolling three year basis. The mandate will include the option for SLI to invest in indirect vehicles, both UK and overseas.

In 2001, SLI was originally selected by the Lothian Pension Fund to run a £136m segregated property portfolio for a fixed term of seven years. The fund has achieved its outperformance targets over one, three and five years.*

Stephen Acheson, Head of Global Client Services & Business Management, Standard Life Investments, said:

"Winning mandates the first time round can be hard enough, but retaining them is even harder - especially after a seven year period - so we are delighted at the Lothian Pension Fund’s decision to reappoint us. It is fitting reward for meeting the outperformance targets for the fund and testimony to the expertise and experience we have in property investing.

"The portfolio’s added option for SLI to invest in indirect vehicles, both in the UK and overseas, demonstrates the faith the Lothian Pension Fund has in our growing indirect capability and reflects their sophisticated approach to property diversification."

*Source: IPD, based on gross figures to 31 December 2007.