Akzo Nobel Pension Scheme, London, hired Morgan Grenfell and Schroder Investment to run half of the fund's L1.2 billion ($2 billion) in non-property assets in global balanced portfolios.
Some L100 million in real estate assets is managed by CB Hillier Parker's fund management division.
The L1.3 billion pension fund, known as the Courtaulds Pension Scheme until the parent company was acquired last year by Akzo Nobel, previously was managed in-house. The acquisition, plus the departure of in-house investment manager David Brief, led trustees to switch to external management, explained Ian Harrison, Akzo Nobel UK'S company secretary. In the interim, the securities portfolios have been parked with Barclays Global Investors.
Watson Wyatt assisted.