ATP, the €48.4bn ($59.4bn) Danish pension fund, has sacked the UK's F&C Asset Management from managing a Dkr1.3bn (€174m) emerging market equity mandate.

An F&C spokesman said: "We recognise that performance could be better. We have changed leadership: Jeff Chowdhry, who was co-manager of emerging equities until 2003, is now head of the emerging equities group. He was associated with good performance."