National Mutual Life Assurance, a midsize pension specialist in the United Kingdom, this week named three U.S. banks to be among the managers of its equity funds.
State Street Corp., Boston, has been awarded roughly $2 billion in "passive" or index-managed fund business, said a State Street spokesman.
It is the largest single initial mandate that State Street Global Advisors U.K. has secured, a spokesman for State Street said.
J.P. Morgan & Co., New York, has been chosen to manage $950 million in National Mutual's U.K. and North American equity portfolios, a Morgan spokesman confirmed.
Goldman, Sachs & Co., New York, was picked to manage a reported $160 million of European and Far Eastern equity funds.
National Mutual has some $5.4 billion of assets. It markets its offerings through financial advisers.