Calpers Projects 8% Decline in Fees to Wall Street Next Year
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The California Public Employees’ Retirement System expects to pay 8 percent less next year for external money managers as it liquidates its hedge-fund program.
The largest U.S. state pension fund, known as Calpers, projects that it will pay $930.7 million in base and performance fees to investment firms in the fiscal year that begins July 1, down from more than $1 billion this year and $1.3 billion last year, according to the fund’s proposed budget.