A UK pension fund has pulled £200m (€302m) from a balanced mandate run by Deutsche Asset Management and given the money to specialist equity managers instead. It comes as Deutsche, which lost £20bn in assets last year, tries to sell its UK business.

The £820m pension fund, run by Northamptonshire County Council, has swapped the funds to Martin Currie Investment Management and Majedie Asset Management , the UK fund managers, which picked up UK equity mandates worth £84m each, while Alliance Bernstein will run an overseas equities portfolio valued at £114m.