The Lancashire County Council Pension Fund is to move 10% of its assets to passively managed UK and global equities mandates, adding to the list of local government schemes disillusioned with active strategies.

According to council meeting minutes released today, the £3.6bn (€4.4bn) local government fund terminated a specialist UK equity mandate with Schroders and halved the amount Newton Investment Management managed in global equities last year due to 'very significant underperformance'.