US - The California Public Employees Retirement System (CalPERS) has criticised institutional fund manager Hermes over poor performance in one of its portfolios.
A review from CalPERS revealed the fund had slumped 30.79% compared to the FTSE all share benchmark loss of 13.36% in the past year.
Members of CalPERS investment committee said staff were also in communication with all other external partners on a regular basis and concerns for underperformance were addressed as needed.
Hermes Focus Asset Management Europe managing partner Stephan Howaldt said the performance of the portfolio was disappointing in a difficult year but Hermes was taking action to rectify the situation.
He said: "We are addressing this portfolio and by changing the structure of the company in to a partnership structure and by making several key personnel changes."
The review also found the Hermes European Fund was down 17.82% and Hermes UK Small Cap fund plummeted 26.51% in one year alone.
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