UBS-owned Phillips & Drew has been dropped by the £630m (€989.7m) pension fund of UK local authority Falkirk Council.

The UK investment house was sacked from running a £125m balanced portfolio following a review by the scheme of its fund managers. Schroder Investment Management and Henderson Investors both continue to run £250m balanced mandates, while Capital International replaces P&D. The review, which sees Falkirk adopting a new specialist equities strategy with Capital, was carried out by UK investment consultants Hymans Robertson.

Phillips & Drew loses UK local authority as client

Greater Manchester pension fund renews mandate but P&D remains under fire

Maha Khan

Mike Foster

Legal & General

Newton IM’s latest big name exit, and Citi’s investment in ETF platform

Citi makes investment in European ETF platform HANetf

Newton IM’s global distribution head TJ Voskamp to leave

Senior GIC private equity lawyer joins Dechert in London

https://images.fnlondon.com/im-14432569?size=1.5

US law firm hires private equity specialist from key client

Barclays poaches Citi managing director for wealth private credit push

https://images.fnlondon.com/im-30083951?size=1.21

Dale Walsh will accelerate growth of the private bank and wealth management’s lending business

Northern Trust taps UN pension fund for head of international role

https://images.fnlondon.com/im-84247389?size=0.8

Pedro Guazo, who joins in August, will also oversee the $1.3tn asset manager’s responsible investment platform globally

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Keir Starmer initially refused to confirm if Rachel Reeves would remain in post, causing sterling and gilts to sell off sharply.

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The narrow vote delivered the president a major second-term legislative victory.

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The deal with Vietnam seeks to stop Chinese-made goods from transiting through the Southeast Asian country to avoid higher duties.

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Hot weather and lax dress codes have us baring more at work.

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It’s the Summer of Too Much Skin at the Office

Ford chief predicts AI will replace “literally half of all white-collar workers.”

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The precision-measurement company has withdrawn its recommendation for its previously agreed takeover offer from Advent International.

Spectris Agrees to $5.64 Billion KKR Takeover

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The dollar lost momentum ahead of an expected decline in U.S. job creation, as investors expect the Fed to start cutting interest rates in coming months.

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The tech giant has been ramping up efforts to boost business growth in a bid to defend its place in China’s tech and commerce industries, as well as grow abroad.

Alibaba Readies $7 Billion Boost for Commerce Unit, Plans New Data Centers

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