Schroders has lost £1.4bn (€2.1bn) in assets managed for the Strathclyde local authority pension fund and stands to lose a further £40m in a second round of tenders.

A £1.4bn global equities mandate the UK fund management group ran for Strathclyde's main pension fund has been moved to fund four new global equity managers. Strathclyde, which has assets worth £9.4bn under management in its central fund, said Schroders' performance had been a factor in the decision.