W.S. Atkins Staff Retirement Benefits Plan, Epsom, England, hired Baring Asset Management to run a portfolio of £95 million ($121 million) in gilts, corporate bonds and index-linked bonds. Trustees for the £390 million plan increased the bond allocation because the liabilities had become relatively mature, said Kevin Geeves, pensions manager.
Funding comes from terminating a £195 million balanced portfolio managed by Phillips & Drew, which now will manage £98 million in global equities. The plan also terminated a £117 million balanced portfolio handled by Deutsche Asset Management, which now will run £97 million in global equities. A portfolio of passive equities and bonds managed by Legal & General Investment Management will be increased to £97 million from £78 million.
The moves will be completed by December, added Mr. Geeves.
Watson Wyatt advised.