(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)