Associated British Foods' pension scheme dropped Prudential Portfolio Managers from its £500m (€825m) balanced mandate  due to poor performance, prior to Pru's recent sale of balanced business.

Linda McKenna, the £1.4bn scheme's finance manager, said: 'The performance of Prudential was not satisfactory, so it went. We then split the portfolio into specialised mandates.'

William Hutchings

Associated British Foods

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