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.
The British Medical Association (BMA) has warned chancellor Philip Hammond to reform the NHS pension scheme rules or doctors will reduce their working hours.
The lifetime allowance should be scrapped and replaced with a lower annual allowance, last week's Pensions Buzz respondents said.
Action for Children Pension Fund has outsourced its pensions administration to Trafalgar House.