Smith & Nephew PLC U.K. Pension Fund, London, hired Frank Russell as manager of a £120 million ($171 million) balanced manager-of-managers portfolio and as investment consultant. The move follows a decision earlier this year by the £220 million fund to adopt a plan-specific benchmark, said Roger Whittaker, U.K. sales director at Frank Russell.
Funding comes from terminating balanced portfolios run by Phillips & Drew and Schroders. Phillips & Drew continues to run part of the plans property portfolio; Schroders still manages the balance of the plans property assets and some of its U.K. equity and bond portfolios. Combined, the two managers run £100 million. Mr. Whittaker would give no further details.
Malcolm Murray was the plans independent adviser.