Sainsbury in pension switch

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The Independent Online
J SAINSBURY Pension Fund has switched another pounds 300m of its assets from Mercury Asset Management (MAM) to the tracking fund manager Hermes Liberty Investment Management, doubling the amount it has with Hermes. Last August Hermes won pounds 300m of business from the Sainsbury fund.

Geof Pearson, pensions manager at J Sainsbury Pension Fund, said: "We appointed Hermes Liberty last year on the basis that they offer a tracking accuracy that is second to none, together with a fixed fee, which we believe is the most appropriate way of charging for a passive portfolio."