Trustees of the UK's London Regional Transport (LRT) pension fund have axed SG Asset Management (SGAM) from managing a £312m (€462m) active equity portfolio because of inconsistent performance.

The blow to SGAM, run by Nicola Horlick, means a new mandate for Barclays Global Investors (BGI) from the £3.2bn fund. After poor performance in the middle of last year, SGAM jumped from almost bottom performer to top by the final quarter, according to the pooled funds rankings by Russell Mellon Caps.