UK - Network technology firm Spirent has dropped Schroder Investment Management (SIM) from running half its £100m UK pension fund, and hired Capital International in its place.
Alistair Knowles, Spirent's pensions manager, said that Capital will run £50m in global active equities for the fund. The firm will be benchmarked to the Bacon & Woodrow global index, and its target will be 1% plus the benchmark.
The remainder of the fund is currently held by Clerical Medical (CM), which manages a mixture of bonds and equities for Spirent. However, once the transfer of assets from SIM to Capital is complete, Knowles said that CM's mandate will be changed to a UK bonds only brief. Once the transfer is complete in the summer, Knowles said that CM will be set a new benchmark.
Bacon & Woodrow is the fund's consultant.
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