UK - The £18m Institute of Physics Retirement Benefits Plan has dumped Merrill Lynch Investment Managers (MLIM) and appointed Frank Russell Company as its investment manager.
A spokesperson for the Plan said that as a matter of policy, the fund placed MLIM under review and found them to be underperforming. The spokesperson confirmed the decision to move its assets over to Russell had nothing to do with the outcome of the Unilever Superannuation Fund vs MLIM case.
Commenting on the new mandate, Roger Whittaker, UK sales director at Russell said: “We feel this latest mandate is further proof of the growing attractiveness of multi-manager investment and in particular Russell’s approach.”
Simon Prendiville, the Institute’s group financial director and a trustee of the scheme added: “The trustees were impressed by Frank Russell Company’s innovative approach and are hoping it will yield great results.
“The assets were transferred over quickly and efficiently and we look forward to forging a long-term relationship with the company”.
By Janet Du Chenne
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