The £3.7bn (€5.4bn) Tyne & Wear council pension fund has warned money managers Fidelity and Schroders, which run equities briefs on behalf of the scheme, over a dip in performance last year.

Stephen Moore, head of pensions at Tyne & Wear, told pension investment news service MandateWire: "It's no secret that they've had some coverage in the pensions press about poor performance."