California Public Employees' Retirement System, Sacramento, with $100 billion in assets, has deferred its decision to put international equity manager Morgan Grenfell Investment Services on probation until its Dec. 16 meeting. The firm manages about $900 million for the fund.
The CalPERS board wants to review additional information about Morgan Grenfell. CalPERS is concerned about lack of oversight at MGIS' parent company, Morgan Grenfell Asset Management. MGAM came under British regulatory scrutiny because one of MGAM's fund managers exposed his portfolios to large amounts of unlisted or thinly traded securities.
