Calpers starts $4bn fund exit

 
Tim Wallace
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THE BIGGEST pension fund in the US is pulling its investments out of 30 hedge funds and funds of funds as part of a scheme to simplify its portfolio management.

The California Public Employees’ Retirement System’s (Calpers) investments in the sector amount to around $4bn (£2.5bn).

However, the investments represent only a small proportion of the pension fund’s $300bn in assets. It generated a return of 18.4 per cent last year.