RCM, the equity management arm of Allianz Global Investors, has lost a mandate with a UK local authority pension fund over performance and strategy issues.

The group ran a US equities mandate worth £168m (€246m) for the £4.2bn Merseyside Pension Fund. Merseyside said RCM's strategy, which looks for stocks that have potential for growth, caused the manager to underperform its benchmark.

RCM loses Merseyside council pension mandate

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