ANZ U.K. Staff Pension Scheme, London, hired Rothschild Asset to manage a £100 million ($156 million) fixed-income mandate.
Trustees of the £425 million plan increased its fixed-income allocation by 4% because of the maturity of the scheme, said John McKay, ANZ senior manager, remuneration and benefits. The plan is reviewing its entire asset allocation strategy, and additional new mandates will be announced next month, he added.
Rothschild replaces Phillips & Drew. Mr. McKay would not say why the firm was dropped.