Mothercare pension scheme axes three equity managers

The £121m Mothercare pension fund has dropped Merrill Lynch Investment Managers, Societe Generale Asset Management and Legal & General Investment Management in a revamp of its equity line-up.

The scheme, a combination of a £64m staff defined benefit scheme and a £56m executive pay scheme, replaced them with NewSmith Asset Management and Artemis for UK equity and UBS Global Asset Management for global equity.

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