Phillips Pension Fund, Croydon, England, has replaced Schroder Investment Management with Dresdner RCM Global Investors to run a £225 million ($360 million) global equity portfolio. The £2 billion fund wanted to adopt a more aggressive equity strategy and decided to drop Schroder in favor of Dresdners more appropriate style, said Alan Stone, group pensions manager. Schroder previously managed the equity portfolio as a 70/30 split between U.K. and overseas equities. Dresdner will divide it equally between the United Kingdom, North America, Europe excluding the United Kingdom, and the Far East. Dresdner also runs the Phillips funds £700 million passive bond portfolio. Representatives from Schroder declined to comment on the termination.