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Calpers to Cut External Money Managers by Half
The Wall Street Journal; subscription may be required June 8, 2015 "The pullback would take place over the next five years and is expected to save Calpers hundreds of millions of dollars in management fees.... Fees paid to outside managers have ballooned over the past decade as many public retirement systems followed Calpers into hedge funds and private equity in an attempt to boost long-term returns and meet their mounting obligations to retirees." |
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