Fonds de Reserve pour les Retraites, Paris, terminated Dexia Asset Management, which ran €600 million ($970 million) in a European equity SRI portfolio, according to the €31.9 billion plan's website.
The termination was made for performance, according to the website. Dexia's contract was set to expire in July 2011.
Dexia spokeswoman Dominique de Garady said the company does not comment on client relationships.
FRR moved the money to its other European equity socially responsible investment managers: Allianz Global Investors France, Morley Fund Management, Pictet Asset Management and Sarasin Expertise Asset Management. These managers along with Dexia had been awarded similarly sized mandates, about €600 million each, in July 2005.
An FRR spokeswoman could not be reached for further information.