UK - Aberdeen Asset Management lost a £75m active equity mandate managed by Deutsche Asset Management with the London Borough of Tower Hamlets on the back of a review by the council.
However the fund retained Aberdeen for a £85m bond mandate, also previously managed by Deutsche.
Jim Ricketts, group accountant at the £513m pension fund, said a review of the two mandates managed by DeAM before it was acquired by Aberdeen led the council to award the active equity brief to Edinburgh-based Martin Currie.
He said: “Deutsche managed two elements. Their asset allocation was UK equities and fixed interest. When they were taken over by Aberdeen we reviewed the manager.”
Last month Global Pensions reported the completion of the sale of parts of DeAM’s London-based asset management business to Aberdeen.
The sale included the UK-based institutional equity, fixed income, global equity, multi-asset and DWS retail businesses.
Deutsche said the disposal would allow the firm to create a more focused asset management set up.
The sale of DeAMs Philadelphia-based active fixed income business will be completed around 30 November 2005.
HMRC has confirmed providers operating relief at source pension schemes can continue to collect automatic tax relief at a basic rate of 20% under new Scottish Income Tax rules.
The Pensions Regulator (TPR) is seeking "improved" powers to set a schedule of contributions in defined benefit (DB) schemes in the government's upcoming white paper, it has revealed.
New regulatory rules which require providers and advisers to produce annuity illustrations will not solve the problem of consumer detriment as they are "fundamentally" flawed, according to Retirement Advantage.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.