An overseas mandate worth £200m (€324.6m) is up for grabs at the £2.1bn East Riding of Yorkshire Council pension fund, following the scheme's decision to axe its sole external manager, Schroder Investment Management, after three years of underperformance.

The pension scheme of the UK local authority, which is almost entirely managed in-house, decided to drop Schroder from a £266m overseas mandate as well as a £230m UK equities brief.