Phillips & Drew sister company Brinson Partners has lost business totalling $2bn from the US's largest pension fund, the $166bn California Public Employees' Retirement System (Calpers).

At a March 15 closed door meeting, Calpers terminated Brinson as the manager of $1.1 billion US equity portfolio and a $960 million global asset allocation mandate, reports Pensions & Investments. Performance problems were cited as the reason.