Cambridgeshire County Council Pension Plan, Cambridge, England, terminated J.P. Morgan Fleming Asset Management from a £250 million ($382 million) balanced mandate due to performance, the council announced. Barbara Villa, a spokeswoman at J.P. Morgan Fleming, declined to comment.
The £876 million plan is searching for a global equities manager to run £130 million of the assets, with the remaining £120 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.