Calpers, the world’s fifth-largest pension fund, has recruited the French-owned asset manager Axa Rosenberg as one of its stable of environmentally and socially friendly fund managers.

Calpers, properly known as the California Public Employees’ Retirement System, has $356bn under management and runs most of its equity money in-house. It has been working on integrating environmental, social and corporate-governance metrics into its teams’ investment processes since 2016.