Ilford Imaging U.K. Ltd. Pension Scheme, London, dropped Schroder Investment Management and Mercury Asset Management following changes to the plans asset allocation.
The £200 million ($324 million) fund appointed Baring Asset Management to run £50 million in U.K. equities and Barclays Global Investors for a £150 million mixed equity, fixed-income and cash portfolio.
Barings mandate will be outperforming the FT All-Share index by two percentage points a year, said Graham Brody, pensions manager and secretary to the plan.
He would not give details of the new asset structure, but said the plan would reduce its equity exposure and was adopting a more "risk-averse strategy.
"We have had a good working relationship with both Shroder and Mercury, but neither manager was able to offer the strategies the plan was looking for, he added.
Towers Perrin assisted.