Cushman & Wakefield, the New York-headquartered international property manager, has lost a £560m (€772m) mandate at the £7.8bn West Midlands' Metropolitan Pension Fund, which has one of the UK's largest institutional real estate portfolios.

A note in the West Midlands fund's committee minutes for April suggested there had been a manager change on the Cushman & Wakefield mandate. The minutes said: "Howard Meaney had now moved from his position with Cushman and Wakefield Investors, who would in future be represented by Bill MacLeod and Nick Barker."