Swiss Life Asset Management has added three balanced mandates totalling £12.4m (€19.7m) to its recent business wins.

The £35m pension fund of paper manufacturer Smith Anderson in Fife has awarded Swiss Life a £6m portfolio. Scottish Widows Investment Partnership previously managed the entire fund, having taken over the mandate from Hill Samuel Asset Management when the two UK fund managers merger last year. Scottish Widows will continue to run the bulk of the fund but lost the balanced mandate because of performance concerns and the changes following its takeover of Hill Samuel, according to a fund official.