British Coal Pension Scheme, Sheffield, England, terminated Edinburgh Fund Managers, which ran £280 million ($420 million) in active U.K. small-cap equities, said David Morgan, CEO. The £26 billion scheme moved the money to a portfolio run in a similar style by Schroder Investment Management, which is now the plans only active U.K. small-cap manager. Watson Wyatt advised.
"We had three small-cap managers and we decided it would be less costly in money terms and board resources if we only had one, he said. The plans other U.K. small-cap equity manager, Fidelity International, was terminated "some months ago, Mr. Morgan said.
Further details could not be obtained by press time.