UK - The London Borough of Ealing's £557m (€816.7m) pension fund has replaced UBS and Fidelity with three new managers.

RCM was chosen for a £185m global equities mandate, Royal London Asset Management for a £137 UK bonds mandate, and Lazard Asset Management for £235m UK equities mandate.

These appointments follow a review of all managers triggered by concern voiced by the scheme's adviser Mercer Investment Consulting last summer about the amount of risk in the portfolio.

Bank of New York had been appointed as transition manager.

It also emerged interim investment head Paul Audu has now left the Borough of Ealing and Bridget Uku has taken over as group manager for investments.