Greenwich goes external

This month the London Borough of Greenwich is turning to external fund management for the first time," according to Debbie Warren in the council's accounts department. "We were internally managed before but have decided to go outside and appoint Morgan Grenfell Asset Management and Schroders Investment Management to handle two global and emerging markets balanced briefs for us at their discretion."

Thirty three managers competed for the £300m ($480m) fund and the final decision, to split it two ways, was swayed by - other things being equal - "the economically most advantageous tender", demonstrating once again how economies of scale favour the larger houses."

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