The British Coal Pension Scheme has appointed Schroder Investment Management to run a £288m (€418m) mandate, firing Edinburgh Fund Managers (EFM) in the process.

British Coal had been using Fidelity Investments, EFM and Schroders to manage its small-cap allocation, but has decided to shift all the money to one manager. David Morgan, chief executive of the fund, said that monitoring all three firms was "taking up a fair bit of trustees' time".