UK – UK drinks company Diageo says it has appointed Glasgow Investment Mangers to run a 280 million pound (438.6 million euro) all-equity mandate, taking over from Merrill Lynch Investment Managers, though MLIM still retains a European equities mandate.

Diageo’s UK pensions director Graeme Robertson told IPE Newsline that the fund has decided to shift to Glasgow Investment Managers from Merrill Lynch, due to MLIM’s well-publicised problems in the UK.

“Merrill Lynch’s problems are quite well known and we took the decision that the changes are not to our advantage. It’s a pity because we have a long-standing relationship with Merrill Lynch,” Robertson said. He said Diageo still had 80 million pounds (125.3 million euros) in European equities with MLIM.

MLIM has recently lost mandates with Essex County Council’s 2.35 billion euro pension fund and the University of Bristol’s 103 million pound pension fund.