US - Fidelity Investments was one of three managers dropped by the Chicago Public School Teachers' Pension and Retirement Fund as the portfolio moved towards a heavier index weighting.
In the shake up Fidelity and Waddle & Reed Asset Management group lost US$328m and $322m in US active large cap mandates while Smith Graham lost a $70m fixed income portfolio.
The redeemed $720m has been divided among the plan’s existing managers. Rhumbline advisers got $278m and Lynmar Capital had $50m added to its large cap portfolio.
Meanwhile, Northern Trust was given $270m and Piedmont Investment Advisors received $50m. The $70m Smith Graham fixed income mandate was given to Northern Trust, who now manages $1.9bn for the pension fund.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.