UK - Six Continents' pension schemes have fired JP Morgan Fleming and may make more changes after an extensive this autumn.
Six Continents pensions director Trevor Jones said JP Morgan Fleming was dropped from its £60m UK active equities brief following a mini review last December which concluded that the manager roster should be streamlined.
JP Morgan was culled as it was the poorest performer in the UK equities line-up, he said.
Mercer, the schemes' actuary and consultant assisted, in the review.
The schemes’ other managers include Legal & General, Independence Investment, UBS, Pictet, Rothschild, Schroders, Wellington Asset Management and Baring, Houston & Saunders.
Six Continents reviewed the schemes after the leisure giant sold its Bass Brewers division to Interbrew for £2.3bn last year. Without Bass, the Six Continents’ pension assets shrank from £2.25bn to £1.2bn.
Jones added that assets of the two DB schemes - one valued at £950m and the other at £250m - have been transferred into one investment fund in order to achieve economies of scale.
The firm is unable to merge the schemes as members' protected rights can not be transferred to a new scheme.
Jones said that this was a problem with which the firm has had to contend for the past two years although he hopes it will be addressed by the Simplification Review headed by Alan Pickering.
By Geoffrey Ho
This week's edition of Professional Pensions is out now.
The government is in talks with the UK and Irish pensions regulators over how to protect members of cross-border schemes in the event of a no-deal Brexit.
The equalisation of guaranteed minimum pensions (GMPs) is at least two years away from being completed, and could take longer than four years for some schemes, a poll has found.
The Pensions Regulator will consider if schemes should be required to have professional trustees and assess the case for greater regulation of administrators and system providers, PP can reveal.