CalPERs ups hedge fund exposure

The largest public pension fund in the US is to increase its investment in hedge funds in order to boost flagging returns. The $133.8bn California Public Employees' Retirement System's (CalPERS) pension fund will also use the State Street Bank International Fund Services system to improve transparency, accounting, compliance risk monitoring and accurate reporting on it hedge funds programme. CalPERS was hit badly by the technology bubble, seeing its assets drop by 25% over the last two years, similar to those losses sustained by the S&P 500 in 2002. The pension fund made its first inve...