Falkirk council's £640m pension fund has given poor performing Schroder Investment Management and Phillips & Drew a second chance and reappointed the managers following a big review.

To diversify the roster, however, the fund has also appointed Henderson Investors as its third global, active balanced manager. Schroder and P&D's mandates were cut to 35% each, allowing Henderson to pick up the remainding £192m of the fund.