The £1.4bn (€1.9bn) Cambridgeshire County Council Pension Fund has terminated £700m worth of equity mandates run by UBS and Schroders due to poor performance and is now looking to hire three new equity managers for the scheme.

According to John Hopwood, chief loans and investment officer in Cambridge, UBS Global Asset Management was terminated from a £600m global equity mandate with a 40% domestic weighting because it underperformed its benchmark by about two percentage points per year over the last three years. Cambridgeshire is now seeking to appoint specialist managers for a £350m global equity mandate and a £150m UK equity index brief.