The £240m (€388.3m) Royal Borough of Kensington and Chelsea Superannuation Fund of the UK has placed its investment managers Baillie Gifford and Henderson Global Investors under review.

The local authority pension scheme has opted to tender its portfolio because both managers' contracts will expire this year. Baillie Gifford and Henderson run active balanced briefs, but the fund is considering changing its investment strategy on the back of the review.