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The Chief Investment Officer of the feared California Public Employees Retirement Pension System (CALPERS) has been poached by UK fund manager Hermes to be their CEO.

Both Hermes and Calpers are seen as leaders in shareholder activism in pursuit of good corporate governance. In the U.S. Calpers has conflicted with many of the largest corporations. Foes have included Walt Disney, Shell, AIG, and Delphi.

The Calpers power base is the pension fund for California's public employees. This makes it the largest pension fund in the U.S. with over $196bn (£110bn) under management.

Hermes prime customer is the BT pension fund. Although Hermes is half the size of Calpers. Again Hermes like Calpers has taken on big business including Tomkins and the Trinity Mirror Group.

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