UK - Baillie Gifford has lost control of a £160m (€191m) UK equity brief following a change of strategy at a UK local authority pension scheme.

The £1.16bn Wiltshire County Council pension fund terminated its contract with the Scottish-based manager in favour of Legal & General Investment Management and Edinburgh Partners.

LGIM takes 9.5% of Baillie Gifford's 12.5% allocation to be run in a UK equity passive pooled fund, while Edinburgh Partners takes the remaining 3% which will be managed in a global opportunities fund.

The Wiltshire scheme told IPE Baillie Gifford's sacking was not based on performance but instead reflected the local authority's long-term investment strategy. The investment house retains its role as manager of a global equity brief worth £120m.

Edinburgh Partners and Legal & General were already incumbent managers with the Wiltshire scheme and will simply have their respective 7.5% and 5% allocations extended.

Hymans Robertson advises the Wiltshire scheme.