LVAM wins major commercial property fund management mandate

LV= Asset Management (LVAM), the fund management arm of mutual insurance and investment group LV=, has been appointed to manage the direct commercial property portfolio of the Teesside Pension Fund on behalf of Middlesbrough Council.

The mandate is for an initial term of five years.

The property portfolio is currently valued at £89.7m and approval has been given for LVAM to grow the fund through further acquisitions.

Property management matters will be handled by LVAM's current supplier, Montagu Evans.

The fund will be managed by Charles Maxlow-Tomlinson, Principal Fund Manager in the property team at LVAM, who says: "This is great news for our expanding fund management team and we look forward to working with Middlesbrough Council on enhancing their property portfolio investments over the coming years.

Howard Meaney, Head of Property Investment at LVAM comments: "Winning this mandate provides us with a fantastic opportunity to build on the growth we have seen in our commercial property investment business over the past year and is an area of the business that we hope to develop alongside our own successful range of funds."