UK- Cambridgeshire County Council’s pension fund has dropped JP Morgan Fleming Asset Management from a £250m (e391m) balanced portfolio. The scheme is now tendering for a new specialist global equity fund manager to take on £130m of JP Morgan’s old mandate.

Deutsche Asset Management and Schroder Investment Management, the local authority’s two other fund managers, will split the remaining £120m of JP Morgan’s £250 mandate equally between them. JP Morgan Fleming declined to comment on the loss of the mandate.

Says Mike Parsons, director of resources for Cambridge County Council: “the performance of the pension fund has been disappointing in recent years, mainly due to the volatile stock market. To maximise future performance we will now include a number of specialist managers.”

The local authority recently appointed two specialist managers for its private equity portfolios.