CalPERS ended negotiations with Zurich Scudder’s new owner, Deutsche Asset Management, to run a Japan-only equity mandate, according to a report of the investment committee’s May 13 closed session. The size of the mandate was undetermined. (Negotiations began before Zurich sold Scudder.) The assets will be managed in CalPERS’ passive international portfolio and by its three external active Pacific Basin managers: BlackRock, Newport Pacific and Nomura. Officials at Deutsche were unavailable for comment by press time.
Also, the investment committee for the $149 billion California Public Employees’ Retirement System, Sacramento, voted in closed session to end fee negotiations with Capital Guardian Trust, one of four managers picked to run a total of $1.2 billion in active emerging market mandates. The assets will be distributed among the other managers: Alliance Bernstein, Dimensional Fund Advisors, and Genesis Asset Managers.
