Phillips & Drew has lost over a third of its active mandate with the £1.24bn (€1.98bn) Devon County Council Pension Fund to Capital International, following a review of its ten-year management of 19% of the fund's assets.

The UBS-owned investment house, which has fought back a tide of mandate losses with its recent strong performance, has retained 12.5% of the portfolio, which it will run on a balanced basis. Following the review and subsequent reshuffle of assets, Capital International has also been appointed to run the same amount.