The Electricity Supply Pension Scheme (ESPS) for electricity companies in England and Wales has completed one of the UK's largest restructuring exercises by segregating its £19bn ($30bn) fund.
To date, nine of the groups have set up segregated portfolios, with 11 new fund managers appointed for mandates to run ESPS assets.
Foreign & Colonial, which purchased ESPS investment management in 1996, has been awarded a £1.5bn active brief, with active mandates of between £100m and £900m awarded to Britannia, Capital International, Fidelity, JP Morgan, Mercury, Morgan grenfell, Prudential and Schroder. Passive briefs of between £300m and £1bn went to BGI, Gartmore and Legal & General. Three balanced funds have also been introduced to the ESPS unitised fund.