UK – Schroder Investment Management has lost a 215 million-pound (307.2 million-euro) mandate to Nomura Asset Management as the London Regional Transport Pension Fund (LRTPF) changes management for its active Far Eastern Equity portfolio.

The 3.2 billion-pound defined benefits scheme has completed the selection, which has involved three short-listed managers, with the help of Mercer Investment Consulting.

Sue Timbrell, director of pensions and LRTPF’s fund secretary, said: “We were impressed by the track record and resources Nomura demonstrated and their overall commitment to these markets.”

An official for the pension fund said that lately the fund has only reconsidered the management of the Far Eastern Equity portfolio.

The official also said LRTPF employs Alliance Bernstein Institutional Investment Management, Baillie Gifford & Co., Barclays Global Investors and Henderson Global Investors.

Mark Roxburgh, head of European marketing and client service at Nomura, said: “We are clearly delighted to have been appointed by LRTPF which we believe is an excellent endorsement of our skill set across the Far East and we are very much looking forward to working with them.”

The implementation of the mandate was completed in October.

Nomura Asset Management UK (NAM) has recently closed to new business in Far East equities for the rest of the year, after taking in assets worth 1.1 billion dollars already in 2004. The “soft close” applies to segregated Japanese equity and Pacific Basin equity mandates for clients in the regions of Europe, the Middle East and Africa.

A Schroders spokesman was not available for comment.