JP Morgan Fleming Asset Management has lost £1bn (&euro1.6bn) of mandates since the start of this year, as consistent poor performance over three years has started to bite.

JP Morgan has lost mandates at pension schemes at Unilever, AstraZeneca and Ciba Specialty Chemicals. Figures released last week by Caps, the performance measurer, showed that few global players have been immune from poor performance during tough market conditions.