CalPERS staff wants to shift some assets in-house from its international fixed-income and currency programs, according to the giant funds business plan for the fiscal year starting July 1. Currently, all of the funds $5.9 billion in international fixed-income assets are managed by external managers: Baring, Julius Baer, Merrill Lynch, Bridgewater, Rogge, Wellington and Western. External currency managers, who overlay a combined $5.9 billion in foreign stocks, are Credit Suisse, Pareto and SSgA. CalPERS last September started a $900 million internally managed overlay program.
The staff of the $149 billion California Public Employees Retirement System, Sacramento, plans to add more deals to the pension funds $1 billion California Urban Real Estate program and expand diversification in real estate securities, while it may reduce exposure in selected investments, such as timber.
The business plan will be discussed at the June 17 investment committee meeting.