FYI: A FEW YEARS BACK, a fellow named Wylie Tollette faced uncomfortable questions as he sat before the public oversight committee of the California Public Employees Retirement System (CalPERS). Tollette, the pension fund’s Chief Operating Investment Officer, was responsible for updating the committee on the status of its massive $350 billion portfolio.
But when a committee member asked about the fees CalPERS was paying to a particular group of investment managers, Tollette did not have a ready answer. “It’s not explicitly disclosed or accounted for,” he said. “We can’t track it.” CalPERS, the largest pension fund in the United States, was being kept in the dark by some of the money managers it had hired.
Regards,
Ted
http://www.humbledollar.com/2018/01/4641/
