The Royal County of Berkshire has taken the more specialist route of appointing three managers to replace one balanced portfolio for its pension fund. It has appointed Gartmore, Schroders and Wellington, in place of PDFM.

Gartmore won the European mandate for £36m ($60m) in competition with Pictet Asset Management, Mercury and Bank of Ireland. A US equities mandate, also for £36m, has gone to the US-based investment manager, Wellington which has an office in London, and a £38m Japanese equities mandate has gone to Schroders.

Mike Arden, Berkshire's investments manager, says: The council invited PDFM to bid again but decided in favour of more specialist managers in different parts of the world rather than just one balanced portfolio for the whole world as previously."

Fleming and Mercury Asset Management have retained Berkshire's UK equity mandates."