CalPERS adopts new external management practices
US - The largest public pension fund in the United States, California Public Employees' Retirement System (CalPERS), is set to change the way in which it hires, monitors and fires stock and bond external asset managers.
The US$163bn (e133bn) fund says the new practices, voted on by its board of administration, aim to streamline the external manager hiring process and improve performance. “The way in which we have administered...
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