Administration October 12, 2002
CalPERS Fires Investment Managers
December 10, 2002 (PLANSPONSOR.com) - 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.
Reported by Eric Hazard
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.