LONDON The Port of London Authority pension fund has named Deutsche Asset Management and Morley Fund Management to run its $500.2 million pension fund.
They replaced Scottish Widows as the funds managers. The reorganization followed a review of investment strategies and a decision to split the fund into specialist equity and bond portfolios, fund officials said.
A spokesman for the port authority said it decided to review the funds management because of recent banking mergers in Europe.
Scottish Widows, which recently bought Hill Samuel Asset Management, had managed a portfolio with roughly 67% in bonds and 33% in equities for the pension fund. Now, Deutsche is managing a $41.7 million equity portfolio and Morley a $459.6 million bond portfolio an asset allocation of 83% in bonds and 17% in equities.