Funds in manager shake-up

Almost a quarter of all UK pension fund managers were replaced during the course of last year, a period which saw returns fall for a second straight year. The cull of managers seen in the industry is a continuation of the restructuring seen in the UK pension fund market during 2000. Throughout 2001, about a quarter of all pension funds appointed a new fund manager, removed an existing manager or opened or closed a specific pension mandate. The past year is also the first time in nearly 30 years that the sector has had consecutive negative years, according to a survey from Russell/Mello...