CalPERS has officially adopted a placement agent policy, in light of recent pay-to-play allegations at other public funds, and introduced an investment policy for leverage, as its total fund value increased to $177.5 billion as at April 23, up from $169.4 billion at the end of March.
The International Corporate Governance Council (ICGN) has appointed Carl Rosen, head of corporate governance at the Second Swedish National Pension Fund (AP2), as its new executive director replacing Anne Simpson who will join CalPERS as senior portfolio manager for corporate governance this month.
Turmoil in financial markets and the need for greater transparency has triggered a review of the $174 billion CalPERS’ existing governance and risk management framework, with a new ad hoc committee tasked with reviewing the risk management framework across the entire business.
The US$173 billion California Public Employees’ Retirement System (CalPERS) is restructuring the relationships it has with its hedge fund managers and calling for fees to be based on long-term rather than short-term performance. CalPERS said performance fees should be judged on a long-term basis, and mechanisms such as delayed realisations and clawbacks can better align
CalPERS has received 17 applications in response to its RFP for a general pension consultant services spring-fed pool – four times the applications of its last review – and will select consultants during its April 20 investment committee meeting.
CalPERS, the US$182 billion Californian public pension fund, has promoted its CIO to the vacant role of CEO – Anne Stausboll becomes the first woman to run the fund in its 77-year history.
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