Fidelity replaces Jupiter at Nortel scheme
UK – The £1.4bn (€2.2bn) Nortel Networks UK pension fund has appointed Fidelity Investments to run a specialist £137m UK equity portfolio. Fidelity replaces Jupiter Asset Management which was dropped by the pension fund last month. The mandate will be benchmarked against the FTSE All Share index.
Dianne Geneen, secretary to the trustees of the scheme says the decision to hire Fidelity was based on its investment style. “We were looking for a firm whose active management style complemented that of our other managers and Fidelity basically came out top at the beauty parade,” she says.
Fidelity joins a management roster that includes Bank of Ireland AM, Barclays Global Investors, Goldman Sachs AM, Henderson Global Investors and Schroder Investment Management.
There are no further plans to change any other managers.