Cumbria drops Phillips & Drew
The £757m Cumbria County Council pension fund in the UK has dropped fund managers Phillips & Drew and retained Schroders Investment management following an overhaul of its investment strategy.
Interpens has learnt that P&D has lost its £302.8m balanced mandate with the Carlisle-based fund, although it remains unclear who has been appointed in its place.
Schroders Investment Management - who originally held a £378.5m balanced brief - has been reappointed.
SLC Asset Management have also been reappointed to a £38m property mandate.
The local authority fund tendered its entire assets earlier this year.
The review was advised by Hymans Robertson.
By Madhu Kalia
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