Asda Group Pension Plan, Leeds, United Kingdom, hired Capital International and Societe Generale Asset Management to run specialist portfolios of £100 million ($151 million) each. The firms replace Phillips & Drew, which ran a £200 million balanced portfolio, said Steve Jones, pension manager for the £400 million plan. Mr. Jones said Phillips & Drew was not suitable for the funds newly adopted core/specialist investment strategy; he would not elaborate. Legal & General continues to run the balance of the plans assets in a passive portfolio.
Phillips & Drew spokeswoman Anne Baker could not be reached for comment by press time.