UK- Deutsche Asset Management (DeAM), which lost €13bn of institutional assets in the third quarter alone, could lose a further £39m(€56m) equity brief as the Port of London Authority Pension Fund is poised to start a portfolio review in the next 12 months.

Martin Garside of the Port of London Authority told IPE its £260m (€373.6m) scheme invests 15% of its assets in equities, with the remainder in bonds.

DeAM, which Deutsche Bank placed under review ahead of a potential sale last December, runs the whole equity portfolio for the Port of London.

Garside said it regularly reviewed its fund managers but added: “We will sometime in the next 12 months or so put out a tender for the equity fund management.”

It was not clear whether DeAM woul bid again for the mandate, as the asset manager declined to comment.

The equity mandate review follows the Port of London’s recent hiring of Aon Consulting to provide actuarial services. The appointment resulted in consulting firm Watson Wyatt being dismissed after nearly a century of advising the pension scheme.

Garside said: “We simply carried out a competitive tender of actuaries. On interviewing different firms, we decided Aon offered a good service in terms of both quality and competitive price.”

Aon starts work in April.