Calpers

CalPERS to Cut Investment Fees by 8 Percent Next Year

CalPERS calculates that it will cut investment-related fees by 8 percent in fiscal year 2015-16, according to a report by Bloomberg. The pension fund has been looking to cut costs recently by reducing the number of private equity managers it invests with and moving more investment management in-house. According to CalPERS’ proposed budget, obtained ...
kentucky

Pension Transparency Bill Moves Forward in Kentucky House

A bill is moving forward in the Kentucky House that would increase the transparency around investments made by the state’s retirement systems. The Senate unanimously passed the measure last month. The bill would require the state’s pension funds to disclose the use of placement agents, any fees paid to those agents, and more. An official summary ...
chicago

Chicago Treasurer: Investment Firms Overcharging Chicago Pensions By $50 Million

Chicago’s new Treasurer, Kurt Summers, said last week that he believes investment firms are overcharging the city’s pension funds to the tune of $50 million annually. Summers says firms are levying higher fees on the city’s smaller pension funds than on the larger funds, for the same work. From DNA Info: Since taking office in December, Summers ...
SEC-Building

Pensions Criticize KKR Over Fee Refund Spurred by SEC Exam

Some pension funds are criticizing KKR’s communication with investors regarding “erroneously” charged fees; the firm refunded those fees last year, but waited a year tell investors that the refund was the result of an SEC exam. From the Wall Street Journal: KKR & Co. is getting unusually pointed criticism from some of its public-pension ...
Calpers

Preqin Tells Private Equity to Heed the “Power of the Limited Partner” After CalPERS’ Cuts

Research firm Preqin has released a note reacting to CalPERS’ cutting of private equity managers. The firm notes that limited partners are beginning to wield more negotiating power, and cautions private equity firms to consider CalPERS’ actions an “effective statement” on the power of limited partners. More from Chief Investment Officer: Private ...
cap negotiation

Chart: Negotiating Hedge Fund Expenses

A recent survey asked investors: have you negotiated a cap on direct expenses with your hedge funds managers? This chart, above, displays the results. The 2013 version of the same survey found that fees were the biggest obstacle for institutional investors looking to put money in hedge funds:   1st chart credit: Ernst & Young 2014 survey 2nd ...
retirement-decision

General Partners Gain Upper Hand Over Pension Funds As Raising Capital Becomes Easier

Pensions & Investments released an interesting report yesterday outlining the balance of power in the private equity world between general partners and pension funds. In the last few years, the balance of power has shifted dramatically towards GP’s, according to the report. From Pensions & Investments: Until the 2008 financial crisis, general ...
chicago

New Chicago Treasurer Makes Pension Funding His Priority

Chicago Treasurer Stephanie Neely is stepping down at the end of November. Her replacement, Kurt Summers, said his priority will be fixing the city’s pension systems. From the Chicago Sun-Times: The full City Council is expected to ratify the appointment of Kurt Summers at Wednesday’s meeting, but the incoming treasurer is not waiting for the vote ...
640px-Manhattan_amk

New York Pensions Paid More Fees To Wall Street In 2013-14, But Fee Growth Is Slowing

New York City released its annual financial report Friday, which gave observers a peek into a part of pension finances under growing scrutiny: investment fees paid by the city’s 5 major pension funds. The fees paid by the city’s pension funds have grown since last year. But the rate at which they’re growing has slowed significantly. From Bloomberg: New ...
CalSTRS

Deutsche Bank: CalPERS’ Hedge Fund Exit “Has No Bearing” On Allocations Of Institutional Investors

Deutsche Bank says that after a series of meetings this month with institutional investors, they’ve concluded that CalPERS’ hedge fund exit “has no bearing on most investors commitment to the industry.” From ValueWalk: Deutsche Bank prime brokerage notes that hedge funds have been engaged in “extreme protection buying in equities” and said ...
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