The idiosyncratic fund management style of California's mighty Calpers
With some $86 bn in assets under management, California Public Employees Retirement System (Calpers) has long been the largest and most influential public pension plan in the US. Its size has been one of the factors behind its peer group clout on the investment management side and its leadership position in the sensitive area of corporate governance. The irony is that Calpers' activism on governance issues sits alongside a management style which is relatively passive.
By any measure, Calpers
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