The £7bn (€11bn) ICI pension fund has significantly cut its weighting in UK equities, in order to diversify globally and cover increased pension liabilities. It has removed a £230m UK equity brief from Lombard Odier to deal with the change, as well as a £850m global mandate handled by Schroder.

Following revamps elsewhere Schroder has also lost the mandate to manage J Walter Thompson pension fund, and looks set to lose a brief for The Telegraph Pension Scheme (efinancialnews.com February 1).