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News: Baillie Gifford, Merrill and Schroders dropped by USS.(Universities Superannuation...

The GBP19bn (e28bn) Universities Superannuation Scheme (USS) has appointed Wellington Management, Goldman Sachs Asset Management (GSAM), and Legal & General Investment Management (LGIM) to run GBP3.8bn in mandates.

As part of an investment review and a move away from balanced management, three external managers - Baillie Gifford, Merrill Lynch Investment Managers and Schroders - have been axed.

Peter Moon, chief investment officer at USS, said the decision to drop the managers was not a criticism of their performance. He said: "We decided to take a different

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