Compass Group PLC Pension Plan, Chelmsford, England, has picked Frank Russell to manage its entire L135 million ($223 million) pension fund in its multimanager funds, said Jim Roberts, group pensions manager and secretary.
The assets will be transferred to five Russell funds - four equity and one fixed income. The asset mix will track the CAPS median until an asset/liability study is conducted this summer by Russell officials. The intent is stick with the Russell funds, Mr. Roberts said. Previously, the assets were managed in two global balanced portfolios: L60 million with Gartmore Investment Management; and L75 million, Mercury Asset Management.
Mr. Roberts said trustees had wanted to switch to a specialist approach, but the fund wasn't big enough. Russell's multimanager pools resolved that dilemma, he said.