UK - Asset managers Putnam Investments has lost a £90m global equity portfolio from Cumbria County Council because of poor performance.
Investment officer Keith Fitzpatrick said the £723m fund is tendering for a new global equity manager following an investment review.
“We just weren’t really satisfied with their investment performance,” he said.
Putnam has managed the portfolio since the mandates were set up in September 2001.
Fitzpatrick said the fund invested in the area for diversification and returns purposes.
“We’ve had a strategic investment review since [September 2001] that confirmed that we should invest in a certain amount overseas,” he said.
The fund is not advertising any other mandates at this stage.
Consultancy and actuarial firm Hymans Robertson is advising the fund and the deadline for tender is October 4 2004.
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