UK-based Dresser-Rand, which makes compressors for the oil and gas industry, has given Flemings a £7.5m balanced mandate for its £15m final salary pension scheme, run on a pooled fund basis.

Following a beauty parade in which Schroders and Fidelity were also contenders, it ousted incumbent manager Sun Life of Canada. Morgan Grenfell, who manage the other half of the fund did not have to compete to retain its portion of the business, says Rufus Warner. As a result of the change, we have obtained a bit more money that we had." Philip Beale of Flemings says: "The moneys coming to us will be invested in most of our 15 pooled funds. Our proportion of the fund is invested in UK equities (55%), overseas equities (25%) and UK bonds (20%)." Advisers to the scheme are Mercers."