US - CalPERS assets under management dipped 6.4% to $171.6bn in the first quarter of 2009 on the back of weak equity returns and write downs in the pension fund's real estate and private equity investments.
As of March 31, the California Public Employees Retirement System invested 41.3% in global equity, 13.8% in private equity, 24.9% in global fixed income, 12.1% in real estate, 2.5% in inflation-linked asset class and 5.4% in cash.
CalPERS staff also announced the finalists up for a private equity consulting slot and plans to renew the contracts of its emerging managers if the move is approved at an April 20 investment committee meeting.
CalPERS named Aldus Equity; Brock Capital Group; Ennis, Knupp & Associates and Pension Consulting Alliance as the firms being considered for a private equity consulting slot, according to staff a memo to the committee.
The firm will serve as a consultant to the board and will advise on strategy and policy Analysis, general investment analysis and research, and performance monitoring. All four finalists are existing CalPERS consultants.
Separately, staff recommends renewing the contracts for emerging managers of managers FIS Group and LEIA one year.
Since inception on 1 February 2008 through 28 February 2009, the US$359.9m portfolio was down 41.45%, but outperformed its benchmark by 87 basis points.
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.