Solutia appoints Frank Russell to run entire fund
UK - The Trustees of the Solutia UK pension scheme have appointed Frank Russell Company as the sole investment manager for its £35m (e55.4m) pension scheme. The global equity and fixed income assets will be spread across Russell’s full range of multi-manager funds.
Following a recent actuarial review of the scheme, the trustees, along with consultant Towers Perrin, examined a range of investment options. Solutia considered the recommendations of the Myners report and the growth of the multi-manager approach and opted for a multi-manager approach believing it the most appropriate.
Says Mike Lynham, chairman of Solutia’s trustees, “having carefully considered the different options, we realized that a multi-manager approach would be optimal for meeting our investment goals. Russell demonstrated a track record of success in their funds and were able to offer a more comprehensive package than their rivals.”
Solutia was formed in 1997 when Monsanto corporation got rid of its chemicals group.