UK - The £122m Rohm and Haas retirement plan has dropped Schroder Investment Management and Axa Sun Life as managers of its UK and overseas equities portfolio.
Following a trustee meeting last month, the Croydon-based fund for the chemical manufacturing company decided to retain Northern Trust Global Investments as sole manager of its £55m overseas and domestic equity portfolio.
Deutsche Asset Management continues to oversee a £28m fixed income portfolio, which will be increased by £8m. The additional capital will come from the withdrawal of funds from Schroders and Axa.
Pound added that the fund would also retain its index-linked portfolio, which is evenly split, £4m apiece, between Legal & General Investment Management and Barclays Global Investors.
The decision to review Schroders and Axa was taken in 1999 when the fund started moving from a balanced approach to a more specialist, approach for its equity investment. Schroders was responsible for £19m of the fund’s equity investments and Axa oversaw £12m.
“We felt that as we were moving from balanced to specialist Schroders’ expertise in managing balanced portfolios would be inconsistent with the direction in which the fund was heading,” said Pound.
The scheme has 950 active members and 1000 deferred members and is advised by William M Mercer.
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