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REFILE-Calpers expects to pay 8 pct less in fees next year -Bloomberg
March 12, 2015 / 1:26 AM / 3 years ago

REFILE-Calpers expects to pay 8 pct less in fees next year -Bloomberg

(Corrects date to March 11)

March 11 (Reuters) - The California Public Employees’ Retirement System expects to pay 8 percent less to investment firms next year, Bloomberg reported on Wednesday.

Calpers, the largest pension fund in the United States, expects to pay fees of $930.7 million to investment firms in the fiscal year beginning July 1, down from over $1 billion this year, Bloomberg said. (bloom.bg/1EZYl27)

The $300 billion fund said early in February that it had recovered around $900 million from settlements related to investment losses sustained during the financial crisis.

The fund was badly hit by the 2008 financial crisis, which wiped out roughly one-third of its wealth.

Calpers also projects to pay about $100 million less in fees for hedge-fund investments as it liquidates its hedge-fund program, Bloomberg said. (Reporting By Darshana Sankararaman in Bengaluru; Editing by Ken Wills)

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