The London Borough of Harrow, a local-government authority in London, has hired three new fund managers to run portions of its £340m (€378m) pension fund following a review of its investments that has led to UBS Global Asset Management and Baillie Gifford being dropped.

The Harrow fund is over 70% invested in shares, an unusually high proportion, and has suffered in the financial crisis - at its last full valuation on March 31 2008 it was worth £410m. However, it has also been hurt by the relative underperformance of its fund managers, according to documents published at its website this week.