The Environment Agency, London, has restructured its L845 million (U.S.$1.38 billion) pension fund for active workers. Starting July 1, Legal & General Investment Management will manage 40% in a passive mandate; Schroder Investment Management will run 40% in a medium-risk active mandate; and Mercury Asset Management will manage a higher-risk active mandate. The mandates are all global balanced briefs. Previously, the fund was split evenly in balanced briefs between Schroder and Gartmore Investment Management PLC.
Hymans Robertson was the consultant.