Unilever, whose pension fund is worth pounds 2.4bn according to Pension Funds and Their Advisers 1992, has yet to appoint a successor to Fleming. Other managers, Henderson, Mercury and Prudential, remain in place.
The loss is a big blow for Fleming, which manages pounds 7.45bn of pension fund money and pounds 18.6bn in all, as at 31 December 1991. Though its performance last year was above the industry norm, its five-year record is undistinguished.
Its average fund made a return of 19 per cent last year against the industry's average of 16.9 per cent. Over the past five years its average return has been 9.3 per cent, against the industry norm of 9.9 per cent. The figures for Fleming are taken from the Independent's league of pension fund managers, published on 3 April 1992; those for the industry are from WM Company.
Schroder Investment Management has been appointed manager of Japan's third-largest pension fund, the dollars 41bn Public School Teachers Mutual Aid Association. SIM already manages the second-largest pension fund in Japan, National Government Employees.Reuse content