UK insurer Highway has handed the management of its £70m (€102m) pension scheme to Schroders, the UK-listed asset manager. It is using Schroders' total return product, which employs derivatives to take advantage of exposure to a broad spread of assets to generate returns.

Schroders has total return business of £1bn, including £500m for its pension scheme. Consultant Liability Solutions advised Highway, which previously used Deutsche Asset Management.