Mayborn Group Retirement Benefits Plan, London, hired Frank Russell as manager of managers for its £13 million ($18.8 million) pension plan, replacing Prudential Portfolio Managers. Plan trustees were disappointed by Prudentials performance, said Marilyn Nevill, trustee. Prudential had managed the plans assets in a balanced portfolio for five years. Last year, Prudential merged its money management operation with M&G Investment Management.
Pam Burgess, head of institutional funds at M&G, said the firm was disappointed at losing the Mayborn mandate. She said investment performance was good during 2000 but admitted there was room for improvement in the firms performance numbers over the last three years.