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.