Old Mutual Asset Management has scored early success for its global product, which offers UK pension funds a special deal on fees.

South Yorkshire Passenger Transport pension fund has handed Old Mutual a £28m (E45.4m) ex-UK global mandate. Stewart Ivory, now being absorbed by Colonial, has lost the funds. Under the arrangement, Old Mutual will charge a flat fee of £7,000 a quarter, plus 40% of any outperformance ranging between 0.25 and 2 percentage points against the MSCI benchmark.