TOBAM Graduates from CalPERS MDP – Gets $764 Million More
The California Public Employees’ Retirement System (CalPERS) graduated Paris-based TOBAM, also known as Think Out of the Box Asset Management, from the system’s Manager Development Program (MDP). In January, CalPERS allocated US$ 764 million to run an expanded global equity strategy. CalPERS is a pioneer among asset owners in seeding investment managers. MDP was founded to produce superior investment returns for the pension system, while providing opportunities to new and emerging asset managers. Other external managers in the program include Piedmont Investment Advisors, LLC, Quotient Investors, LLC, Stux Management, LLC and Hermes Sourcecap Limited.
CalPERS invested in TOBAM back in April 2011, giving the firm US$ 150 million to manage and taking a 12% ownership stake in the company. Founded in 2006, TOBAM was spun out of Lehman Brothers Asset Management in 2009.
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