UK - Asset manager Barclays Global (BGI) Investors has denied it is under review at electronics major Philips' UK pension fund.

According to media reports earlier this week, Philips' UK fund said it had cut its bond brief managed by BGI, as well as implemented a liability-driven investment strategy.

However, a spokeswoman for the asset management house today denied the claims, branding them as "completely untrue".

IPE has learned through industry sources say Philips had merely made some changes to the portfolio.

At the same time, news has surfaced revealing the BT retirement plan, yesterday lauded as one of Britain's most social responsible pension fund investors, has also sacked BGI because of poor performance of its UK and global equities investments.

Colin Hartidge-Price of Hermes, the BT pension fund's fund manager, confirmed the scheme has replaced BGI as its active equities manager with Schroders.

The BGI spokeswoman said she could not comment because of client confidentiality arrangements