Pension fund court actions against investment managers are increasing in number, according to Tom Hibbert, the lawyer at Richards Butler co-handling a legal action against Phillips & Drew Fund Management, now part of UBS Global Asset Management.

Pensions Trust for Charities, an occupational pension scheme, has launched a £70.3m compensation claim against PDFM for the alleged mismanagement of its money between 1995 and 1998. The allegation relates to a period when PDFM underperformed because of its bearish stance to equities during the bull market.