Berkshire Pension Fund, Maidenhead, U.K., hired Barclays Global investors to manage a L150 million ($255 million) active U.K. equity portfolio, replacing Mercury Asset Management.
Eddie Clarke, pension fund chairman, said BGI's use of risk controls is particularly important. Jack Johnson, pension fund manager, said trustees had been disappointed with Mercury's performance, although returns weren't out of line. Mercury refused to comment on the termination.
Separately, the L800 million fund has appointed Midland Securities Services as custodian, replacing Lloyds Securities Services.