However, Morgan Grenfell continued its steady climb up the league table to oust Mercury from its longstanding position as the fourth largest manager.
The biggest mover of the year proved to be Murray Johnstone, which dropped 31 places to rank 45th in the local authority market. Its fall, however, was almost entirely attributable to the loss of the £700 million global equity portfolio it managed for the Strathclyde pension fund. The outcome of Strathclyde's 1995 review was 'disappointing' in that it marked the end of a 10-year relationship, director of pension marketing Bob Burgon conceded. Murray Johnstone, positioning itself as a specialist manager, now manages one smaller companies brief and a number of small venture capital funds for local authorities.
Elsewhere, the big moves in 1995 once again reflected a trend towards specialist management.
The companies winning specialist mandates appear to be those which can offer their clients a lot of name awareness and comfort, says F&C director of pensions Nigel Morecroft.
The year has seen some familiar names drop from the league table altogether - Lloyds, PanAgora, Ivory and Sime and Abbey Life to name a few. New entrants include AMP on the back of a £50m fixed income mandate from Shropshire CC, the Bank of Ireland with a £20m continental European mandate from Lincolnshire CC, Scuder and Friends Provident.