Barclays Global Investors (BGI) has replaced Dresdner Kleinwort Benson Global Investors to run a £40m passive mandate by the FPS Group, a specialist pension services provider.

While BGI will act as sole passive manager for FPS's Flexiplan, a centralised final salary pension scheme set up in 1968 for a wide range of client schemes, Edinburgh Fund Managers (EFM) has been named the sole active manager.