UK - Capital International says it is standing firm amid what it admits is a "blip" in performance that has seen it lose a series of UK pension fund mandates.

The most recent loss was at the €713.1m (£484.6m) Northumberland County Council pension fund, which has cited performance.

But the normally reclusive Capital, famed for its low-key marketing approach, says it will not change its investment process - or its investment professionals.

Northumberland, which axed Capital from its active global equity mandate earlier, is now looking to appoint one or two new managers instead for the £95m mandate.

Capital's London-based spokesman Simon Levell said: "It is a cyclical business and you go through periods in which you lose business as well, and I think that has been happening in the last year."

He conceded: "In some mandates we have had investment results which on a short term relative basis have not been outstanding. That happens with an active manager." But he argued that the company's long-term figures are still very strong across the board.

Levell was adamant that Capital is in a very solid condition, adding: "Our investment process and our investment professionals will remain in place. We have just gone through a slight blip over the last year or so."