Pitney Bowes' £125m UK based pension fund has dropped Schroder Investment Management due to "poor performance."
Barclays Global Investors has been given the £62.5m multi asset portfolio, replacing Schroder.
According to David Airlie, pensions manager for the fund, Schroder was dropped following a review because of poor performance. BGI’s mandate will form approximately 50% of the funds assets. The benchmark for BGI will be to outperform the CAPS median by 1% over five years.
Airlie added that prior to the decision to appoint BGI, Schroder had been under review for the past year. Previously, the other half of the fund is managed by Newton Fund Management. Although Schroder has been dropped, Newton has been retained.
Bacon & Woodrow is the fund’s consultants.
Schroder Investment Management declined to comment.
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