Zurich pension executive lambasts investment managers

The investment chief of one of Europe's largest public pension funds, Daniel Gloor lambasted money managers for their big salaries and poor performance, and signaled the 16.1 billion Swiss franc Canton of Zurich Pension Fund may bring management of some 400 million Swiss francs in domestic small- and midcap stocks in-house. Gloor launched a broadside against managers, Wall Street and Swiss bankers, emerging markets and hedge funds in an interview with Pensions & Investments. To hire internal managers, however, Gloor will need the approval of the Swiss Parliament to create a separate investment management entity that could pay competitive salaries.