Cambridgeshire County Council Pension Plan, Cambridge, England, terminated J.P. Morgan Fleming Asset Management from a L250 million ($382 million) balanced mandate due to performance, the council announced. Barbara Villa, a spokeswoman at J.P. Morgan Fleming, declined to comment.
The L876 million plan is searching for a global equities manager to run L130 million of the assets, with the remaining L120 million divided among incumbent balanced managers Schroder Investment Management and Deutsche Asset Management, said John Hopwood, council investment manager. A selection is expected by the end of the year, he said.
Hymans Robertson is assisting.