UK - The Associated British Ports Group Pension Scheme has revamped its investment manager roster following a review by its consultant, Hewitt Bacon & Woodrow.
The £400m hybrid scheme has awarded Schroder Investment Management a £60m specialist UK equity mandate and given a £90m overseas equity brief to Wellington Management.
Schroders previously managed a £28m Far East equities mandate for the scheme and replaces Jupiter Asset Management as its UK equities manager.
Wellington will take on the Far East mandate and has also been awarded a £35m European equities brief that was formerly managed by Gartmore Investment Management.
Legal & General, which acted as transition manager, has been retained to manage more than £40m of equities on a passive basis.
A spokesman for the scheme said the changes were made after Hewitt recommended trustees move from a balanced to a specialist structure.
He said: “Hewitt has been carrying out a scheme evaluation since last year and the case it made for specialist management and a more global approach found favour with the trustees.”
Schroders executive director, client services, Edward Chamberlayne said:
“We are delighted AB Ports has chosen to work with Schroders’ specialist UK equity team where they will benefit from our ability to convert our extensive fundamental research capability into strong stock selection and excellent performance.”
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