Phillips & Drew and Merrill Lynch Investment Managers have both lost £140m mandates following an investment management shakeup at the UK pension fund of Calor Group.

Rothschild Asset Management was one of the winners in the fund's move from balanced to specialist managers, taking home a £62m (€102m) specialist UK equity portfolio. Rothschild has won mandates totalling over £1bn this year and the Calor fund equities mandate will be run by its equities investment team, led by Charles Deptford.

P&D and Mercury lose out in Calor pension fund shakeup

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