The £1bn (€1.64bn) Environment Agency pension fund has put the £400m active global balanced mandate currently run by Schroder Investment Management out to tender.

The review has been triggered by overall performance concerns with the manager, according to John Hastings, consultant at Hymans Robertson in Glasgow, who is advising the Environment Agency fund. It is also understood to be time for the regular review of its manager. Schroder has run the portfolio since 1993.

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Environment Agency reviews Schroder

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