US - Sally Choi, general manager of the 43,000-member Los Angeles City Employees' Retirement System, will leave October. 15 to "pursue other opportunities", the fund said.
The $9bn pension plan for the city's civilian employees, known as Lacers, lost $700m, or 5.7%, in the quarter ending in June compared with the preceding period, bringing its one-year return to 12.9%.
The retirement system's board, which appointed Choi in July 2008, will consider an interim replacement at its next meeting.
The nation's second-largest city by population is considering changes in its pension plans that may increase contribution rates and reduce benefits for new hires, City Administrative Officer Miguel Santana said in an interview on October 7. The cost of city employee pensions is expected to double to $1.6bn by 2015, he said.
"Sally Choi has effectively led Lacers through a number of diverse and challenging issues -- many of which could not have been anticipated," Roberta Conroy, president of the board, said. "Her experience and integrity will be missed."
Standard Life has increased exposure to risk assets in three out of five funds in its Active Plus and Passive Plus workplace pension ranges.
Some 48% of employers are unaware of the services or help they offer to members of their defined contribution (DC) schemes, according to Aon.
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