The Royal National Pension Fund for Nurses, London, awarded half of a 600 million ($912 million) global balanced portfolio managed by Hambros Bank to Morgan Grenfell Asset Management in London, said Stuart Clarke, secretary.
The organization, with more than 1 billion ($1.52 billion) in assets, actually is an insurance company, Mr. Clarke explained. Officials decided to hire an additional manager once Hambros' mandate had exceeded 500 million, in order to diversify risk. Morgan Grenfell also will manage a global balanced portfolio. Watson Wyatt Worldwide was consultant
