The £1.4bn (€2.1bn) Dorset County Pension fund has terminated M&G, the fund management arm of UK insurer Prudential, from a fixed-income brief worth £280m.

M&G had been the pension fund's sole fixed-income manager and ran a global bond portfolio. It has been replaced by London fixed-income manager European Credit Management and Royal London Asset Management, the funds arm of the UK insurer.