UK - The £680m BPB pension scheme has axed one of its investment managers and has already lined up a replacement.
According to a source at the scheme, the new manager should be on board by the end of the of the first quarter. The source declined to reveal which manager has had its mandates removed, or any other details.
The fund employs two investment managers according to Pension Funds and Their Advisors: Cazenove Fund Management and Deutsche Asset Management.
The fund’s current asset allocation has UK equities at 52%; overseas equities, 9%; UK fixed income, 9%; overseas bonds, 9%; index linked gilt's, 1%; cash and deposits, 5%; unit trusts, 5%; and others, 10%.
BPB is a manufacturer of building materials and paper products. Watson Wyatt is the scheme’s actuary.
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