It is the end of an era for the Mineworkers’ Pension Scheme as the relationship that launched Goldman Sachs’ first foray into UK asset management draws almost to a close.

In 1996, Goldman Sachs had paid to take over 80% of the then £20bn scheme, to run it as a balanced portfolio for six years. By 2004, the mineworkers' scheme had reduced Goldman Sachs Asset Management's mandate to 25% of the fund, claiming it wanted to move away from using one manager.