Cumbria drops Phillips & Drew

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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...

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