The Pension Fund of Anglo/Dutch consumer products giant Unilever quietly replaced the fund manager it hired to replace Merrill Lynch Investment Management (MLIM) earlier this year, it emerged in London’s High Court earlier, after two years of underperformance by the new firm.

After ditching MLIM (formerly Mercury Asset Management) in 1998 amid allegations of negligence, Unilever hired JP Morgan Investment Management (now JP Morgan Fleming) to manage its £600m worth of pension-fund assets. This company was also ditched however when its performance disappointed the company.

Unilever is currently in court suing MLIM for £130m worth of damages it says resulted from the poor management of its fund over a long period.