The £78m Telegraph Staff Pension Plan decided yesterday to transfer its entire assets from Schroder Investment Management to Barclays Global Investors.
The scheme gave the world’s largest index manager a £78m passive mandate, of which £13m will be transferred from actively managed gilts in the coming months and £65m, previously managed on active balanced basis, is transferred immediately.
A spokesman for the scheme said: “Trustees felt they were not getting enough value from active management. They looked at Legal and General but decided on BGI because its passive consensus style will fit well with the lifestyle funds we are launching.”
On the reason to replace Schroders, the spokesman said: “They had a good last 12 months but the previous 24 months were not that good.”
Lane Clark and Peacock acted as consultant to the scheme.
Deutsche Asset Management and Schroder Hermes were also shortlisted.
By Luke Clancy
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