The Electricity Supply Pension Scheme, London, terminated F&C Asset Management from a £1 billion ($1.9 billion) real estate portfolio, said Tony Bentley, manager of compliance. ESPS is in negotiations with another manager to run the assets, but he wouldn't name the firm. F&C has been running the £18 billion scheme's active real estate portfolio since 1990. Mr. Bentley declined to provide further details.
"Performance has been variable in recent years but has improved," F&C spokesman Jason Hollands said. "This is coupled with the fact that we've been running this portfolio for a very long period of time, and I suspect the trustees wanted a fresh start."