Millennium Inorganic Chemicals UK Pension Scheme, Grimsby, England, dropped Phillips & Drew and hired SEI Investments and Barclays Global Investors as managers for the £55 million ($78.5 million) pension plan. SEI received a £36 million global equity mandate; BGI will manage two £9.5 million passive portfolios, one of corporate and one of U.K. government bonds.
P&D previously managed the entire fund in a balanced mandate. David Evans, chairman of the board of trustees, said the plan wanted to diversify its manager risk.
Towers Perrin advised.