JP Morgan Fleming Asset Management has lost out on a mandate after the pension fund of UK local authority Shropshire County Council decided to lower the risk profile of its US equities brief.

JP Morgan had been running the US equities brief on an active basis, but was dropped when Shropshire elected to switch to an index basis. The local authority fund has now tendered a US equity mandate valued at 10% of the £525m (€791m) fund to be run on an enhanced indexation basis.