CalPERS Managers Cut Fees

From Pensions and Investments: Relational Investors and Ares Management agreed to cut management fees they charge the $200.3 billion California Public Employees’ Retirement System, Sacramento.

Relational agreed to cut its fees by $30 million over five years and Ares by $10 million during the same time, according to Joe Dear, the pension fund’s chief investment officer.

Both firms also agreed to discontinue using middlemen, known as placement agents, to win business from the fund, Mr. Dear said at a meeting of the pension’s administrative board in Sacramento. Read the full article here.