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FLEMINGS BRIEF IN DANGER

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Fleming Asset Management is in danger of being sacked as one of Bromley LBC's two pension fund managers after prolo...
Fleming Asset Management is in danger of being sacked as one of Bromley LBC's two pension fund managers after prolonged under-performance.

The council's investment sub-committee was due to meet last night to decide the firm's fate. If it agrees to remove Flemings, Bromley will invite tenders from alternative managers with a view to an appointment in October.

Flemings currently manages£109 million of the£217m Bromley fund on a fully discretionary balanced basis, but performance has been poor for some time and the firm was effectively put on warning in August last year.

Among local authority pension funds, Bromley's overall ranking for 1998-99 is the 86th percentile, the lowest being 100.

A report to the investment sub-committee makes clear that officers believe this underperformance needs to be tackled and that advertising for tenders should begin immediately if a new manager is to be in place by the autumn.

Bromley's other manager, Fidelity, replaced Gartmore in April 1998. Officers have not recommended its sacking.

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