The £1bn (€1.4bn) Environment Agency pension fund has appointed UK-based Morley Fund Management and Netherlands-based Robeco to manage £60m each as part of its switch from balanced to specialist management.

In May, the scheme terminated its balanced managers, Legal & General, Henderson and Merrill Lynch Investment Management and replaced them with six new managers: Hermes, Standard Life Investments, European Credit Management, Capital International, State Street Global Advisors and Sarasin Chiswell.