UK – William MacDougall, the managing director of TRW Investment Management Co. Ltd., has left and is being replaced on a temporary basis by Jeremy Brown.

The circumstances of MacDougall’s departure were not clear.

"There will be a replacement. Jeremy Brown is in temporary charge," said a TRW spokeswoman.

TRW Investment Management is the in-house manager of the four billion pound (5.86 billion euro) Lucas pension fund. MacDougall became managing director in January 2001.

US-based engineering firm TRW was bought by aerospace concern Northrop Grumman in December 2002 for 12.9 billion dollars.

At the annual IPE Awards seminar in Amsterdam in November MacDougall revealed that he did not hedge his foreign exchange risk, saying there is a natural hedge in owning foreign stocks. He also told delegates that he prefers to set a long-term benchmark for the performance of his funds.

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