Four US public pension funds have called for changes to the board of Marsh & McLennan, the parent of Putnam Mutual Funds, following its role in the mutual fund trading scandal.

California Public Employees' Retirement System (Calpers) and New York State pension fund are among a group pension funds which has criticised Marsh & McLennan for what it called its "failure to properly control its money management business and for its severe lack of independent board leadership".