Novartis Corp., Summit, N.J., has invested $150 million from its defined-benefit plan in an actively managed international equity fund run by Bankers Trust Corp.
The New York-based banking company already manages assets for the pharmaceuticals manufacturer's pension plan that follows an index-based international equity strategy, a spokeswoman said. The new investment, announced by the bank on Monday, brings the assets under management in its BT Pyramid International Equity Fund, a commingled fund, to $800 million.
The fund is co-managed by managing directors Michael Levy and Robert Reiner, who are assisted by principal Julie Wang. Assets under management in the international equity portfolio rose 145%, to $2.7 billion, since the beginning of this year, an increase the spokeswoman attributed to new client development.
Bankers Trust managed more than $365 billion of assets as of June 30, mostly for pension plans.