Alcatel Business Systems Ltd. Pension Fund, London, hired Newton Fund Managers to run a £105 million ($152 million) multinational equity portfolio for its £210 million plan, said Colin McNaughton, pensions manager. Newton replaces Merrill Lynch Investment Managers, which ran the money in a balanced portfolio. Merrill Lynch was terminated because the plan changed its investment strategy to include multinational stocks, Mr. McNaughton said. Schroder continues to manage a £105 million U.K. government and corporate bond portfolio for the fund.
Bacon & Woodrow advised.