UK - The UK pension fund of Swiss pharmaceuticals giant Ciba Speciality Chemicals has axed BlackRock in favour of Insight Investments.

Insight said it has been awarded a £53.4m (€78m) fixed income mandate by Ciba.

Mark Wright, chairman of trustees, said in a press release that Insight was selected as it has a strong record for fixed income portfolio management.

IPE understands that the mandate is only part of Ciba's entire fixed income portfolio, though a Ciba spokeswoman was not immediately able to comment.

Insight said it was selected "in a competitive tender".

The £400m defined benefit scheme, with around 4,500 members, was advised by Mercer Investment Consulting.

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