Separate Accounts Europe

Strategy

Core, Core Plus, Value-Add, Opportunistic

Sectors

Diversified

Inception

1982

LaSalle specializes in the management of separate accounts in the UK and Continental Europe. Our separate accounts have represented a significant component of the business since inception and have a range of different return targets and include the following groups:

  • Absolute return target – These separate accounts aim to outperform a specific return target, which is usually reviewed annually or every three years
  • Real return target – These real return mandates provide for a return above inflation over the long term; they can be comprised of index-linked leased property, or of a more diversified portfolio, where rental growth is linked to inflation and tends to exclude volatile sectors and locations
    • This group has outperformed over one, three and five-year periods
  • Relative return target – Separate accounts with a relative return target make up our largest group by value; each client mandate in this category has the objective of meeting a performance target relative to an IPD Benchmark over a certain period
    • UK relative return mandates composite have outperformed the IPD Pension Funds Benchmark over one, three, five, 10 and 20-year periods*
  • ‘Cyclical’ mandates – These mandates have a higher return expectations and vary their allocation/exposure dependent upon where we are in the cycle
    • UK separate accounts which target assets with RPI-linked leases and are attractive relative to index-linked bonds in terms of pricing, control and the underlying asset value


*December 31, 2014. Source: IPD, LaSalle

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