The UK pension fund of Kingfisher, the European retail giant and former owner of Woolworths and Superdrug, has dropped two of its three passive managers.

Following a review of the fund, Barclays Global Investors and Legal & General Investment Management have been axed. State Street Global Advisors has been retained to run a multi-asset passive mandate, which has been boosted to around £400m (€589m) in size following the review.