Texas fund axes $600m mandates

Wednesday 29 March 2006 at 16:00

The $18bn (€15.3bn) University of Texas Investment Management Company fund has terminated four external managers ahead of its board meeting tomorrow.

Barclays Global Investors and US asset manager Forstmann-Leff Associates have emerged as the main losers, with hedge fund manager K Capital and US manager IronBridge Capital Management also having mandates withdrawn.