Mercer Global Investments (MGI) has terminated a mandate with one of its four global tactical asset allocation (GTAA) managers, after assigning it less than a year ago.

The $12 billion multi-manger has withdrawn a $30 million GTAA mandate with Tactical Global Management (TGM), which was awarded in March 2007. Russell Clarke, MGI chief investment officer, said the mandate was distributed among the three other managers – GMO, Barclays Global Investors and BNY Mellon Asset Management – that already manage GTAA strategies for MGI. Clarke said that TGM’s performance had been “;a bit soft”. “There were certain aspects that we were uncomfortable with, and we were very comfortable with the other three managers.” TGM is a GTAA, global macro and currency manager with offices in London and Brisbane.