The £130m Norwest Holst pension fund in the UK has ditched Merrill Lynch Investment Managers (MLIM) and appointed Legal & General and GMO Woolley in its place.
GMO Woolley will manage a third of MLIM’s funds actively and L&G will manage the remaining two thirds passively, while continuing to manage Norwest Holst’s defined contribution scheme.
MLIM previously managed the entire Norwest Holst fund up until last year when 50% of the fund was given to Deutsche Asset Management.
Norwest Holst’s group financial director Alec Combra said the decision to dump MLIM was performance related.
The Norwest Holst fund is advised by William M. Mercer.
By Janet Du Chenne
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