Boots Co. PLC Pension Scheme, Nottingham, England, terminated Schroders from a £2 billion ($2.9 billion) balanced portfolio, said John Ralfe, Boots’ head of corporate finance. The £2.3 billion fund decided to move out of equities; it is now wholly invested in 30-year bonds issued by supranationals such as the World Bank and European Investment Bank. The buy-and-hold strategy will not involve investment managers, said Mr. Ralfe.
Legal & General Investment Management conducted the transition and will reinvest income from the bonds.
