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Schroders UK multi-manager chosen by pension fund

The Avon Pension Fund has appointed Schroders to manage a £90m UK property multi-manager mandate.

Schroders Property has been selected to manage £90 million (€95 million; $123 million) of members' money in the Avon Pension Fund by deploying it into core, value-added and opportunistic property funds.

The Avon fund, which is administered by Bath and North East Somerset Council, will gain exposure to the UK real esate market over the next two years through Schroder's funds of funds business.

Graeme Rutter, fund manager, said in a statement: “We are encouraged by the range of opportunities that are presenting themselves in the UK commercial property market. For long-term investors such as Avon Pension Fund, the next 24 months could present some of the best buying opportunities for many decades.”

Jenny Buck is Schroders’ head of the property multi-manager business, which Schroders began in 1997. It manages more than £1.4 billion ($2.5 billion, €1.8 billion) of assets as of 30 September 2008.