The UK retirement benefits fund for gas group Calor has dropped Phillips & Drew and Merrill Lynch from a pair of £140m balanced mandates and awarded a raft of new specialist UK and overseas briefs to Rothschild Asset Management (RAM), BGI, Henderson Investors and Schroders, following an overhaul of its management structure.

After the review by consultant Barnett Waddingham, RAM scooped a £62m specialist UK equities portfolio, while BGI walked off with a similarly portioned UK equities mandate as well as a £55m overseas equities brief.
Henderson will run £75m in fixed-interest with Schroders managing £20m in property assets.

Both the incumbents were invited to take part in the beauty parade for reselection to the fund.










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