UK - The £14.8bn (€18.9bn) UK Mineworkers’ Pension Scheme has terminated its £1.3bn global equity mandate with UBS Global Asset Management, and replaced it with two new managers.

The scheme, one of the largest in the UK and managed by the Coal Pension Trustees, said in its annual report for 2007 it has split UBS’s brief, handing it to Trilogy Global Advisors and Lazard Asset Management.

The two new mandates now represent around 8% of the scheme’s assets, with Lazard managing a £680m in global equities, and Trilogy £620m.

The scheme declined to comment if the change was because of performance issues.

But according to the report, North American, European, Japanese and emerging markets equities underperformed, though UK and develop Asian equities hit the investment target.

Still, the scheme’s investments generated a return of 13.6% in the year, and exceeded the overall benchmark by 1.1%.

UBS was the only investment manager to be replaced by the fund last year.

Additionally, part of the fixed interest assets previously managed passively by Legal and General have been added to the existing fixed interest mandate held by Western.

The report furthermore states: “Legal and General, GSAMI, Lazard and Trilogy have been tasked to manage mandates against a customised benchmark of developed market equity indices. Legal and General’s assets are managed in unregistered pooled life funds.”

AllianceBernstein have been tasked to manage two mandates against the FTSE All-World Developed Index.