CalPERS takes passive international equities in-house.(briefs)

Pensions & Investments, August, 2006

SACRAMENTO, Calif. - CalPERS on Aug. 14 voted to move $13.3 billion - the remainder of its $27 billion passive international equity portfolio - to internal management. The entire external portfolio is run by State Street Global Advisors. The $210.7 billion California Public Employees' Retirement System expects to save $1.3 million in annual fees from the change.

With the move, CamPERS staff will internally manage 74% of the system's $131 billion global equities portfolio. Separately, CamPERS pulled out of MPM BioEquities, a long-short hedge fund focusing on small and midsize biotech stocks. The system redeemed $44.9 million from the hedge fund from April through June, according to records released this month by the pension fund. Kurt von Emster, an MPM...