Calpers May Move Up to $30 Billion In-House as Pension Cuts Fees
- CIO says internal management gives taxpayers ‘a great deal’
- Largest U.S. pension wants to add private investment capacity
Calpers Culls External Managers in Portfolio Overhaul
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The California Public Employees’ Retirement System, the largest U.S. pension, is developing plans to shift as much as $30 billion from external to internal managers as it seeks to reduce fees.
The $306 billion system now oversees about 70 percent of its assets internally, most in stocks and bonds, a share that can increase as Calpers develops capacity to handle private equity, real estate and infrastructure, according to Chief Investment Officer Ted Eliopoulos.