IMI PLC Pension Fund, Birmingham, England, switched to a specialist structure and reappointed balanced managers Merrill Lynch Investment Managers and UBS Global Asset Management to specialized portfolios, said Peter Flanagan, group pensions manager. Merrill Lynch will now run £150 million in U.K. equities and £260 million in global bonds and cash. UBS Global will now run £150 million in U.K. equities and £70 million in global equities. Further information was not available.
Partial funding for the global bond and cash portfolio came from terminating Henderson Global Investors for performance; it ran £120 million in a global bond mandate, Mr. Flanagan said. A spokeswoman for Henderson did not return calls seeking comment by press time.
Hewitt Bacon & Woodrow advised the £700 million scheme.