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CalPERS’ Tollette Wants to Eliminate Uncompensated Complexity

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Photo Credit: CalPERS, Above, Wylie Tollette, CalPERS, Chief Operating Investment Officer, CalPERS HQ, Sacramento, CA, April 13, 2015

Photo Credit: CalPERS, Above, Wylie Tollette, CalPERS, Chief Operating Investment Officer, CalPERS HQ, Sacramento, CA, April 13, 2015

The California Public Employees’ Retirement System (CalPERS) had its investment committee meeting in which Wylie Tollette, CalPERS’ chief operating investment officer, reported his findings to the board. In the board meeting, Tollette touched on the pension system’s ongoing effort to rein in investment costs – an effort initiated by the late CalPERS CIO Joe Dear. 92% percent of CalPERS’ investment office expenses in fiscal year 2013-2014 stemmed from external management fees – US$ 1.617 billion. Personnel services for that period cost US$ 57 million versus consulting fees at US$ 21 million.

In addition, Tolette sees that having too many external managers in a given program makes things complex.

Reducing Costs, More Money for Returns

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CalPERS Names Yu Ben Meng as Chief Investment Officer

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The California Public Employees’ Retirement System (CalPERS) announced that Yu Ben Meng has been selected as the pension fund’s new chief investment officer (CIO). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ontario Nonprofit Network Awards Mandate to OPTrust

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The Ontario Nonprofit Network (ONN), a nonprofit network for the 58,000 nonprofits in Ontario, selected OPTrust to manage defined benefit assets. ONN selected OPTrust Select, the new defined benefit solution from OPTrust. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek Wants More of Ola, Careem Acquires Commut

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ANI Technologies, which owns ride-hailing app Ola, is in key talks with Temasek Holdings and South Africa-based Naspers LLC on raising capital. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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