UK - Wellington Management International has lost a £160m equity mandate with the £3.6bn Merseyside Pension Fund due to performance-related issues.
Peter Wallach, compliance and strategy manager of the £3.6bn fund, said Wellington was dropped due to the poor performance of the Wellington-managed pan-European equity portfolio, and also a decision by the fund to change its asset allocation.
JPMorgan Asset Management has subsequently been awarded a mandate of £100m to be invested in European ex-UK equities. The other £60m has been put into UK alternatives, in a move to diversify.
Wellington declined to comment on the news.
The funds current asset allocation stands roughly as follows following the move: UK equities, 31%; European equities 9%; North American equities, 8%; Japanese equities 3%; Pacific ex-Japan equities, 2.5%; Emerging markets equities, 2.5%; bonds, 26%; alternatives, 18%.
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.