British Telecommunications PLC Pension Scheme, London, will consider launching an asset-liability study once Watson Wyatt Worldwide completes an actuarial valuation of the plan. The results of the valuation are expected at the end of April, said Colin Hartridge-Price, chief pensions officer. The £30 billion ($48 billion) plan last ran an asset-liability study roughly four years ago, he added. Hermes currently manages the bulk of the fund in a £25.2 billion balanced mandate. Mercury Asset Management runs a £2.2 billion U.K. equity mandate, and Schroder is responsible for £972 million in Japanese equities and a £1.56 billion mandate of European ex-U.K. equities.