F&C Asset Management has confirmed that it has dropped Goldman Sachs Asset Management as the manager of its Japanese portfolio for the F&C Investment Trust.

Management of the portfolio is returning in-house after almost five years of outsourcing to Goldmans.

F&C said that, at the time it was outsourced, the fund was performing poorly and manager Jeremy Tigue had decided the best thing to do was to place the portfolio with a quantitative analysis team at Goldman.

Since then the in-house team has gone ahead of the sector average and so F&C decided to return management in-house.

Tigue explained, ‘The point is that after 20 years of underperformance, at some stage Japan will have some good performance and by making this change we are more likely to be able to spot this and do something about it.’