Rohm and Haas Ltd. pension fund hired Northern Trust Global...

Rohm and Haas Ltd. pension fund hired Northern Trust Global Investments to manage three-quarters of its assets in U.K. and international multi-manager pooled equity funds.The £77 million ($122 million) fund, which is based in Croydon, England, terminated Deutsche Asset Management, which ran a £41 million U.K. equity portfolio and J.P. Morgan Investment Management, which managed a £17 million international equity mandate. Both managers had underperformed their respective benchmarks during the last three years, said Tony Pound, Rohm and Haas’ pension fund manager. Officials at Deutsche and J.P. Morgan didn’t return phone calls by press time. The pension fund’s board is slated to meet Aug. 19 to pick a manager for a £19 million fixed-income portfolio that currently is managed by Deutsche. The mandate is benchmarked 50% against 15-year gilts and 50% against index-linked bonds.