BRITANNIA Asset Management raked in a record #381m of new investment funds during the first quarter of this year, bringing the total under management to #8.2bn, writes Robert
Powell.
New business jumped a massive 66%, from #235m won during the first three months of 1998.
The main contributor to this sharp increase was a big mandate from PPP Healthcare
Medical Trust to run #150m of segregated pension fund money.
The Glasgow-based fund management arm of Britannia Building Society is increasingly targeting the market for segregated funds.
These are managed as separate pots of money on behalf of large company pension schemes.
Until last year the firm mainly ran pooled funds, where chunks of money belonging to several different owners are managed together as a single portfolio.
Britannia said yesterday it expected to confirm the award of another #235m segregated pension fund mandate in May.
Sales of retail investment products such as unit trusts and Personal Equity Plans (Peps) more than doubled to #102m in the first quarter.
Sales through Britannia Building Society branches and the Independent Financial Adviser (IFA) channel both put in strong performances.
Danny O'Neil, the chief executive of Britannia Asset Management, said: ''This is an excellent start to 1999 . . . Our investment track record remains excellent, with the majority of our funds turning in top quartile performance over both three and five years''.
Marketing director Douglas Ferrans said that Britannia, like many other investment managers, had benefited from the last-minute rush to buy Peps before their replacement by Individual Savings Accounts (Isas) earlier this month.
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