UK - Deutsche Asset Management is set to lose another £330m after the Rhondda Cynon Taf County Borough Council Pension Fund decided to put the asset manager's balanced equity mandate up for tender.
This is the second mandate that Deutsche is set to lose within the span of four days: the London Borough of Barking & Dagenham Superannuation Fund said that it was searching for a £160m global equities manager that Deutsche previously held.
Last month, Medical Research Council Pension Trust terminated Deutsche’s £125m balanced mandate, while two other local authorities Lancashire and Aberdeen pulled out nearly £700m from the manager.
Rhondda’s investment manager Yvonne Keitch said: “We decided to tender Deutshe’s brief due to performance concerns.
“Looking at the liabilities of the pension fund, we decided that it would be best to search for a more suitable manager.”
The £840m pension fund also has F&C, which holds a £370m balanced equities brief, on its roster. ISIS runs the £140m bond mandate.
Keitch said the fund had decided not to tender for the other two mandates “at this stage”.
Commenting on a possible shift to specialists, she said that the fund’s investment structure would be reviewed when the an ALM study is carried out by actuaries Hewitt, Bacon and Woodrow later this year.
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