UK's £25m pension fund for bathroom manufacturers Jacuzzi Group is on the verge of dumping Schroder Investment Management (SIM).
Incumbent managers Schroders and Deutsche Asset Management (DeAM) each hold a £12.5m balanced brief for the Bradford-based fund.
Following a decision to review in March, the fund is set to split its allocation equally between an overseas equities, bond and cash brief and a UK equities portfolio.
But a source close to the scheme added that the fund had concerns around SIM’s performance and that it seemed likely that DeAM would retain the UK portfolio.
Alongside SIM and DeAM, Frank Russell and Newton Investment Management have also been shortlisted for the overseas mandate.
The fund is advised by Hewitt Associates.
A final decision is expected in August.
By Madhu Kalia
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