UK –The 2.7 billion pound London Regional Transport pension fund has replaced SG Asset Management with Barclays Global Investors as manager of a core UK active equity mandate worth 250 million pounds (368 million euros).

The fund reviews all managers on a three-year basis and decided to re-tender the UK active equity mandate. Explained the fund secretary: “SGAM’s performance had been rather volatile, with some good and some awful returns. Although just shy of the benchmark, we wanted a manager that could provide consistent performance.”

SGAM did re-tender but BGI was picked as it had “a better track record, of modest but consistent performance”.

BGI also manages an index-tracker portfolio for the fund. The remaining seven portfolio managers were retained for their individual mandates at the review.

Sue Timbrell was appointed last week as head of the fund office at LRT pension fund. Timbrell was previously head of pension, investments and treasury at the environment agency. She replaces Chris Bedford who left LRT last June. Since his departure Leslie Davey has been heading up the fund on an interim basis.