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.”
The Pension Protection Fund (PPF) has conceded it does not have "all the data we need to calculate" the impact of last month's ruling that some benefits may be unlawful.
A looming court decision on gender equalisation of pension schemes could hit FTSE 100 profits by up to £15bn, Lane Clark and Peacock (LCP) says.
Dutch custodian KAS Bank has created a fintech solution to help schemes save on costs and improve transparency of currency hedging strategies.
ITM has announced it has acquired Faraday Tracing Bureau (FTB) for an undisclosed sum.