Calpers to Cut External Managers by Half to Reduce Fees
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The California Public Employees’ Retirement System, the biggest U.S. pension, plans to cut the number of external money managers it hires by half to reduce fees it pays to Wall Street.
The $301 billion fund will cut the number of firms to about 100 from 212 over five years, Chief Investment Officer Ted Eliopoulos said during a call with reporters. Calpers hires outside firms to manage everything from stocks and bonds to private equity, real estate and infrastructure investments.