Hill Samuel Property Unit Trust's board committee has decided to look for new managers to run its £450m trust.

The board decided to drop its existing manager, the former Hill Samuel Asset Management, because of the merger of Scottish Widows Investment Management and HSAM. HSAM parent Lloyds TSB bought Scottish Widows late last year and a source close to the property unit trust said that the trust was concerned over the changes to the investment teams after the integration. The trust is majority owned by HSAM.