CalPERS staff recommended retaining State Street Global Advisors as...

CalPERS staff recommended retaining State Street Global Advisors as manager of $17.7 billion in international passive equity assets, one of the biggest mandates in money management. SSgA, which has managed the portfolio since July 1989, edged out Barclays Global Investors because of SSgA’s track record, its unique experience in managing a large portfolio to CalPERS’ customized benchmark, its history dealing with the fund, and the cost of changing or adding a new manager, according to a staff analysis. However, the investment committee of the $150 billion California Public Employees’ Retirement System, Sacramento, still may choose to interview both finalists. Consultant Wilshire Associates agreed with the staff recommendation.