Legal & General's UK Alpha Fund wins first institutional client

Legal & General UK Alpha Trust which is managed by Richard Penny, and which has won the Money Observer Best UK Growth Fund for the last two years has been awarded its first Institutional mandate.

VINCI PLC, a UK subsidiary of VINCI SA, the French industrial company member of the CAC 40 and the FTSE Eurotop 100 Indices, has through its defined benefit pension scheme invested £10m in the fund.

Mr Comba, Finance Director of VINCI PLC said "We were impressed by the Trust's innovative approach and track record. We were looking for a different approach to managing equities and believe the Trust has given us that opportunity."

Richard Penny, Manager of the UK Alpha Trust said "I am absolutely delighted that VINCI PLC has decided to make this investment into the Trust. We have a proven track record of top decile performance in the UK All companies sector on an annualised basis over 1, 3 and 5 years, and consequently the fund has been attracting inflows from retail clients for some time now. It is very exciting that this consistent performance is now gaining recognition among institutional clients and I am hopeful that this mandate will be the first of many."