Pension fund for chemicals group Octel UK is on the verge of appointing replacement managers following the dumping of investment house Phillips & Drew (P&D) from a £300m active balanced mandate earlier this year.
It is believed that the £508m fund for the UK branch of the Octel Corporation has given the running of P&D’s assets to Legal & General - which already handles 40% - until a new a manager is in place.
The move follows an asset allocation review initiated last July.
It is also understood that more than one manager has already been appointed and contract details are being finalised. The deal should be sealed in about three weeks.
The move was advised by Watson Wyatt.
By Madhu Kalia
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