Nestlé is dismantling its in-house asset management team in the UK, which invested a significant portion of the global food giant's pension assets.

Nestlé Capital Management is to shutter its operations in Haxby, Yorkshire, according to people familiar with the matter. The company was set up in 2006 and, according to Nestlé's 2016 annual report, was directly responsible for managing 10.4 billion Swiss francs (£8.1 billion).