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Calpers may move up to $30B in-house as pension cuts fees

How the California Public Employees Retirement System, the largest U.S. pension, is seeking to reduce fees.

By John Gittelsohn, Erik Schatzker | Updated on January 13, 2017
CalPERS spent $279.2 million in fiscal 2016 for external managers. (Photo: Getty)

(Bloomberg) — The California Public Employees’ Retirement System, the largest U.S. public pension, is developing plans to shift as much as $30 billion from external to internal managers as it seeks to reduce fees.

The $306 billion system now oversees about 70 percent of its assets internally, most in stocks and bonds, a share that can increase as CalPERS develops capacity to handle private equity, real estate and infrastructure, according to Chief Investment Officer Ted Eliopoulos.

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