Stockholm-based Aragon, a medium-sized asset management firm, has dropped Gartmore Investment Management as its global equity manager.

Aragon, with Skr6bn (€728m) in assets under management, has terminated its contract with Gartmore because of poor performace. Aragon's Skr6m global equity fund has only had a return of 5% in the past 12 months, compared to MSCI World Index at 30.55%.