FKI Group Pension Scheme, London, hired Rothschild Asset Management to manage a £56 million ($81.5 million) portfolio of U.K. bonds, a new mandate for the £370 million plan following a decision by trustees to discontinue balanced management, said Ted Rutter, pensions manager. The plans balanced managers Deutsche Asset Management, Merrill Lynch Investments Managers and Schroder now will manage equity portfolios only, Mr. Rutter said.
"We thought a specialist bond manager would produce better results. The liabilities of the plan have changed. Balanced portfolios do not suit everyone, he said.