Strathclyde Pension Fund, Glasgow, dropped Phillips & Drew and hired J.P. Morgan Investment Management to run a £750 million ($1.2 billion) multiasset investment portfolio. The trustees of the £6 billion defined benefit plan decided late last year to replace Phillips & Drew because of performance concerns, said Richard McIndoe, chief pensions officer.
J.P. Morgan was picked from a short list that included Phillips & Drew, Goldman Sachs and Henderson Investors. The benchmark for the portfolio is plan-specific and covers equities and bonds in both the United Kingdom and international markets.
Phillips & Drew did not return calls for comment by press time.