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
Here it is... The video of all the highlights from last night's UK Pensions Awards.
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The trustees of the beleaguered industry-wide Plumbing and Mechanical Services (UK) Industry Pension Scheme have confirmed it will close to accrual in June.