The US' largest pension fund last night hired 15 investment managers to manage money in three separate asset classes amid the appointment of a new lead consultant to help the scheme select firms to manage its assets.

The California Public Employees' Retirement System, which manages $205bn (€160bn), awarded international property briefs to Citigroup Property Investors, Morgan Stanley Investment, the US arm of Deutsche Bank's property manager RREEF, New York-based manager European Investors and Management and Montreal-based manager Presima.