Plumbing & Mechanical Services (U.K.) Industry Pension Scheme hired Barclays Global Investors to manage an £80 million ($126 million) U.S. equity index fund for the £978 million plan. The portfolio had been run as an active mandate by INVESCO, which continues to run a £77.5 million Far East active equity fund for the plan.
Deutsche Asset Management was appointed to run a £97.1 million U.K. active equity mandate, replacing Fleming Asset Management. Deutsche also handles a £175.3 million fixed-income fund for the plan.
Capital International was hired to run a £142.5 million pan-European equity portfolio, replacing Phillips & Drew.
Fleming would not comment; Phillips & Drew did not return calls by press time.
Prudential Portfolio Managers will continue to run £406 million in indexed U.K. equities.
Mandates were restructured in order to increase the plans exposure to indexed investments as the result of an asset-liability study, said Robert Burgon, pension fund manager. Managers also had been dropped because of performance concerns, he added. He would not name those managers.