Compaq Computer Ltd. Digital Pension Plan, Reading, England, has dropped Schroder Investment Management as sole global equity manager and hired Frank Russell to run the £90 million ($144 million) portfolio.The assets will be invested in U.S., U.K., continental Europe, Japan, the Pacific Basin excluding Japan, and emerging markets equities. The money will be invested in a range of Russell’s multimanager funds that include Schroder in the manager lineup, officials of the £400 million plan said in a statement.
The fund adopted a multimanager approach to reduce the volatility of a typical single manager and to pass the monitoring of money manager performance to an outside specialist.
