UK - The £1.3bn UK pension fund for Canadian telecoms giant Nortel has finally replaced Jupiter Asset Management with Fidelity Investments.
Fidelity has been appointed to a £137m UK specialist brief which will be benchmarked against the FTSE All Share Index.
The move follows the termination of Jupiter’s contract in April. Secretary to the trustees Diana Geenan said that there were “several reasons” behind the firm’s departure but would not elaborate.
Nortel is now looking to conduct an ALS once it has completed its actuarial valuation, due for completion during Q3.
The fund still utilises Barclays Global Investors, Goldman Sachs Asset Management, Bank of Ireland Asset Management, Henderson Global Investors and Schroder Investment Management.
Nortel UK has just under 51,000 members.
By Madhu Kaila
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