The Royal Borough of Windsor and Maidenhead (RBWM), as Administering Authority to the Royal County of Berkshire Pension Fund, has appointed RWC to run a £100m Equity Income Mandate.
The actively managed portfolio targets a dividend growth greater than the annualised rate of growth in the UK CPI, reflecting an increased need for income-seeking strategies.
The portfolio is managed by the RWC Income Team, headed by Ian Lance and Nick Purves, who joined RWC in 2010 having previously been responsible for the equity income fund range at Schroders.
Dan Mannix, CEO of RWC, commented: “The Income Team has developed a distinctive equity income strategy that meets the needs of UK pension funds. This is a strong endorsement from RBWM of RWC’s credentials and their confidence in the team’s ability to deliver on the long-term objective”.
“We are seeing increasing demand for income, equity-based funds. The Income Team has already seen a healthy appetite from UK and European investors searching for differentiated, actively managed equity strategies. As a result, RWC’s equity income strategies that were launched in September 2010 currently have over £2.6bn under management.
“RWC has had strong inflows over the past two years across long/short equity, equity income, convertibles, long-only equity and activist strategies, with assets doubling over that time and YTD net flows of £800m. Today we are looking to RWC’s next stage of development by talking to high quality teams who have the right cultural fit. We continue to provide an environment where exceptional fund managers have the freedom to express their ideas unencumbered by bureaucracy, whilst surrounded by the soundest operational, risk, marketing and regulatory framework.”