Morley and Aberdeen lost out in a portfolio restructure announced by union UNISON's £276.3m pension fund yesterday.
Aberdeen maintained its bond monopoly, but saw the allocation to the asset class cut from 35% to 30.5%.
A UNISON spokesman told Global Pensions: "The Pension Fund originally had only two investment vehicles namely, equities (65%) and bonds (35%).
"The trustees felt that we needed to diversify our investments to maximise return and minimise the risks."
Over the course of several months from January 2007, the pension fund selected managers to run the diversified portfolio which cut its allocation to equities to 55%.
Record Asset Management took a 2% active currency mandate.
The spokesman concluded: "One of the main reasons for appointing Standard Life (SLI) was because of their Social Responsible Investment [SRI] section.
"[They] convinced us that SLI could manage our portfolio within the parameters of our SRI policy, without excluding to many stocks from the market, and also being able to outperforming the benchmark set them within those parameters."
A spokesman for Morley commented: "UNISON's appointment of Morley to manage a £30m multi-manager property mandate is testament to the growing strength of our European property business. We are delighted at the appointment and look forward to working closely with UNISON to achieve their investment goals."
Aberdeen declined to comment.
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