The California Public Employees’ Retirement System intends to cut ties with roughly half of the firms handling its money to reduce fees paid to investment managers, the Wall Street Journal reported.
Calpers, the largest pension fund in the United States, will tell its investment board on June 15 that it plans to cut the number of direct relationships it has with private equity, real estate and other external funds to about 100 from 212, the newspaper reported. (on.wsj.com/1JxYH3R)
The pullback, which would take place over the next five years, is expected to save Calpers hundreds of millions of dollars in management fees, the newspaper said.
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