The £1.16bn (€1.73bn) pension fund of Middlesbrough Borough Council in the UK has lost its Far East investment manager to Capel Cure Sharp Fund Managers.

Harry Lewis was principal investment officer for the Teesside Pension Fund's Far East assets, which represent around 7% of the fund's total portfolio. The bulk of the Teesside fund is managed internally except for a £68m US equities mandate run by Merrill Lynch Investment Managers. The council were unable on Monday to confirm who would be replacing Lewis, who has already left the fund.