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Principal wins mandate for Sanlam’s universal fund

Principal Global Investors has been awarded the global equity mandate for offshore multi-manager Sanlam Asset Management’s universal equity fund.

The fund is a Dublin-domiciled manager of managers fund that aims to outperform the MSCI World Developed Markets index while restricting managers to a maximum 5 per cent deviation from the benchmark.

Principal revamped its equity investment process in 2002, enabling it to screen 10,000 stocks globally. This screening process is combined with input from its team of analysts.

It will manage the Sanlam mandate by sticking close to the benchmark in terms of country and sector while taking stronger calls on individual stocks. This strategy is designed to neutralise the risk of making asset allocation decisions as the managers do not want to be caught out by changes in market sentiment.

Chief executive officer Nick Lyster says: “Our equity process is consistent, very transparent and repeatable. We have won quite a few mandates using this platform. We won a US equity mandate earlier in the year but this is our first global equity mandate in Europe.”

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