CalPERS Fires Investment Managers

December 10, 2002 ( - The California Public Employees' Retirement System (CalPERS), the state's $133 billion dollar public pension fund, has fired investment managers Merrill Lynch Asset Management and Credit Suisse Asset Management, according to a Reuters report.

The decision was reached during a closed session last month, but was not disclosed until it was posted as an agenda item for this month’s committee meeting.   Dismissal was attributed to staff changes that hurt performance at Merrill and over differences in investment strategy at Credit Suisse.  

Prior to the dismissal, Merrill had overseen $543 million in international fixed income assets, while Credit Suisse managed $1.4 billion in currency fluctuation risk assets.