UK - The £400m Taylor Woodrow Group Pension Life Assurance Fund has dropped active balanced managers Phillips & Drew and Standard Life Investments.
The Southall-based construction company made the changes following a full strategic review of the defined benefit plan. The fund has hired new managers to replace P&D and Standard Life Investments but would not disclose their identity or what briefs they hold.
It is now a possibility that the fund will move away from balanced to specialist management, however, Taylor Woodrow pensions manager John Westgate declined to comment. The fund is advised by Stamford Associates.
By Jeena Nadarajan
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