"These managers rose to the top of the field from 48 that submitted qualifying proposals," said Rob Feckner, CalPERS Board President. "We believe they will help to enhance the performance of our global investments."
Seven investment firms were selected for the pool to manage assets in international developed markets. They include:
-
Axa Rosenberg;
-
Batterymarch Financial Management;
-
Fidelity Management Trust Company;
-
Goldman Sachs Asset Management;
-
PanAgora Asset Management;
-
State Street Global Advisors; and
-
The Boston Company.
For the pool of emerging markets, CalPERS selected four managers:
-
Batterymarch Financial Management;
-
Lazard Asset Management;
-
Pictet Asset Management; and
-
Robeco Institutional Asset Management.
"This is a strong group of managers and we look forward to working with them to capture investment opportunities in promising international sectors," said Charles P. Valdes, Chair of CalPERS Investment Committee.
The two spring-fed pools will allow CalPERS staff to quickly add new managers and optimize CalPERS international equity portfolio. The pools don't replace CalPERS current international equity and emerging market managers. The System will commit funds to pool managers on an as-needed basis.
In other actions, CalPERS Board renewed the contracts of four external high yield managers for a period of one year. The managers include:
-
Highland Capital Management, L.P.;
-
ING Ghent Asset Management, LLC;
-
Nomura Asset Management Inc.; and
-
Pacific Investment Management Company
CalPERS is the nation’s largest public pension fund with assets totaling more than $210 billion. The System provides retirement and health benefits to more than 1.4 million State and local public employees, retirees, and their families. For more information, visit www.calpers.ca.gov.