US - The US$181bn California Public Employees' Retirement System (CalPERS) has adopted a new conflict of interest policy governing investment consultants on the back of a Securities and Exchange Commission (SEC) sweep investigation which found more than half of the consultants targeted have "ongoing conflicts of interest".
The investigation also found investment consultants are failing to adequately disclose to their pension fund clients their business relationships with money managers and broker-dealers. CalPERS’...
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