CalPERS decides hedge funds are a sell

[unhappycamper]

http://www.latimes.com/business/la-fi-calpers-hedge-funds-20140916-story.html



The CalPERS board meets at headquarters in Sacramento.

CalPERS decides hedge funds are a sell
By Marc Lifsher
9.15.2014

SACRAMENTO — The country's biggest public pension system is getting out of hedge funds.

The California Public Employees' Retirement System, with $298 billion worth of investments in its portfolio, announced that over the next year it plans to sell about $4 billion worth of hedge fund investments as part of a continuing process of simplifying its portfolio and reducing investment costs.

Hedge funds, which are private partnerships that invest in a wide variety of sometimes speculative markets, are too complicated and expensive for CalPERS' needs, said Ted Eliopoulos, the fund's interim chief investment officer.

~snip~

Eliopoulos told the CalPERS board Monday that the investment staff planned to sell — gradually over the next 12 months — the fund's stake in 24 hedge funds and six mega-hedge funds that invest in other hedge funds.

[elleng]

1. Sounds.good.to.me.

Think.that's.why.Dow.is.up.+100@1p.m?.