The £57m (€92.4m) Millennium Chemicals Pension Scheme has appointed SEI Investments and Barclays Global Investors as its managers, following a decision to drop UBS-owned Phillips & Drew in order to diversify its risk.

The pension scheme, which completed an asset/liability study last summer, was advised by its consultant Towers Perrin to diversify its investments, and opted to place the majority into a multi-manager portfolio.