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Mothercare ousts managers in revamp

UK - The pension fund of retailer Mothercare has sacked Merrill Lynch Investment Managers, Societe Generale Asset Management and Legal & General Investment Management after an actuarial valuation.

The 121 million-pound (177.6 million-euro) fund, split into two schemes covering about 1,000 employees, has replaced the three managers to ‘change strategy’, pension manager Annie Brent said.

The new asset managers are NewSmith Asset Management and Artemis for UK equities and UBS Global Asset management for global equities.

Deutsche Asset Management has been retained as a fixed interest manager and Troubadour Properties has kept its mandate.

Mercer Investment Consulting assisted the pension fund in its decision.

Merrill Lynch Investment Managers, Societe Generale Asset Management and Legal & General Investment Management were not available for comment.

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