SSgA Snags $680M 130/30 Mandate

Nov 1 2007 | 12:10pm ET

State Street Global Advisors, the largest 130/30 manager in the space, just got a little bigger thanks to the BAA Pension Scheme. The $10 billion manager was awarded a £330 million (US$680 million) global equity 130/30 mandate. The assets will be invested in SSgA’s Global Alpha Edge strategy.

“Institutional investors including pension funds are showing increased interest in 130/30-type strategies because they increase the active opportunity set, enabling investors to achieve higher excess returns by relaxing the long-only constraint and allowing the manager to take limited short positions, in a risk-controlled framework,” said Kanesh Lakhani, managing director for SSgA in the U.K.

State Street launched its first 130/30 strategy focused on the Down Under equity market, the Australian Alpha Edge, in December 2004. Most recent launches include Global Alpha Select Edge and World Index Plus Edge, bringing the firm's total Edge strategies to fourteen with more expected to launch this year.

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