UK – The £1.6bn (€2.5bn) Nortel Networks UK Pension Plan has dropped Jupiter Asset Management from its manager roster. Jupiter was running a UK equities mandate, the size of which is undisclosed.

A spokesman for the fund refused to specify why it was dropping Jupiter, but confirmed that the firm would be replaced “very soon”.

Jupiter was unavailable for comment.

The Nortel fund has a diverse investment strategy with portfolios comprising UK and overseas equities, UK and overseas fixed income, index-linked gilts and cash and deposits.

Its investment managers, other than Jupiter, include Bank of Ireland Asset Management, Barclays Global Investors, Goldman Sachs Asset Management and Schroders Investment Management.

The spokesman says there are no plans to replace any of the other managers.

The Nortel UK pension fund currently has some 9,500 active members, 20,000 pensioners and 24,000 deferred members.