Fall-out from the Jardine Fleming scandal has continued to spread, with British pension fund managers worth more than $72 billion warning they were reviewing Jardine's involvement. Local fund management groups, such as LGT Asset Management, have also written to their institutional clients setting out detailed explanations of their compliance and dealing procedures. According to Global Money Management , a specialist newsletter covering the institutional fund management business, the $12 billion Avon Pension Fund, the $27.6 billion Civil Aviation Authority Pension Scheme and the $32.4 billion IBM United Kingdom Pension Trust plan have set dates to examine mandates for fund managers. It is the lucrative institutional fund management sector Jardine's fears could be the hardest hit in the fall-out from its regulatory problems. Competition for the mandates is fierce and the growing disquiet about the way Jardine's has handled the scandal could undermine future business. This is a particular problem in Hong Kong on the eve of the introduction of the Mandatory Provident Fund and the likelihood of an additional $5 billion a year in funds. Senior Jardine's officials called institutional clients within hours of the report by the Securities and Futures Commission and Britain's Investment Management Regulatory Organisation (Imro). Jardine's manages only a part of each of the portfolios - typically the Japanese equity segment - but it is a key part of its global operation.