Goldman Sachs’ hedge funds have taken a beating, and it has not gone unnoticed among pension fund clients. At least two multi-billion dollar British pension schemes have fired Goldman Sachs Asset Management after its global tactical asset allocation program posted big losses.

The £3 billion (US$5.9 billion) GEC-Marconi plan canned GSAM after its £113 million (US$223.2 million) investment lost half of its value in the 12 months ended April, according to Financial News.

“It performed poorly in the turmoil in global markets,” GEC-Marconi Chairman Chris Holden wrote of the asset allocation program, which employs a global macro strategy, in the pension’s annual report. “The cash thus released has been used to pay members’ benefits, which has reduced the requirement to withdraw funds from other managers.”

Staffordshire County Council’s £2.2 billion (US$4.3 billion) pension scheme fired GSAM in December after its £100 million (US$197.6 million) investment in the global macro strategy lost 17% of its value in the year ending last March. The pension also redeemed a £300 million (US$592.7 million) U.K. equities investment from GSAM, FN reports.