Barclays Global Investors (BGI) and Fidelity International have lost a total of £370m (€542m) from the UK pension scheme of Philips, Europe's largest electronics company, which has hired State Street Global Advisors (SSgA) to run the money.

SSgA will manage the £370m passively. It will be part of its pooled fund range which manages £15bn of assets for up to 200 pension fund clients.