The London Borough of Bromley's pension fund has parted company with Crédit Agricole Asset Management just two years after the asset manager was hired to run £40m (€50m) using an unusual liability-driven investment style. The separation follows Crédit Agricole swinging from being Bromley's best performing asset manager to its worst performing in the two successive years.

The council took the decision to terminate in May following a 10.8 percentage-point underperformance by Crédit Agricole of its benchmark during the 12 months to March 31 of this year, according to the mandate-tracking news service MandateWire.