UK - The £300m Water Companies Pension Scheme has dropped Gartmore Investment Management from its active UK mandate.
The fund manager was dropped following an actuarial valuation carried out by Lane, Clark & Peacock when it was decided to put more money into bonds and passive investments.
The industrywide final salary scheme has appointed State Street Global Advisors to run a £200m multi-asset mandate.
And it has split the remaining £100m between two active UK managers, the incumbent Schroder Investment Management and new appointment Liontrust Asset Management. Schroders will take a third of the remaining assets while Liontrust will handle the rest.
Water Companies Pension Scheme secretary Valerie Lowther said: “We are very confident about our decision to appoint State Street Global Advisors to manage this mandate.
“We are impressed by its track record as a leading global index manager and its ability to provide the service we need.”
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