The Sacramento-based $158bn (€179bn) California Public Employees' Retirement System (Calpers) has not yet funded Zurich Scudder Investments and Fidelity Management Trust Company due to organisational and contractual issues.

According to an internal Calpers memorandum, Zurich Scudder has not received funding because its parent company has publicly announced it is interested in selling the asset management business. This issue was discussed at length with Wilshire Associates, their investment consultant.