CalPERS investment staff will recommend adding managers and consultants to separate approved lists, allowing the fund to quickly tap firms when their expertise is needed for projects, according to the agenda, released today, for its Feb. 17 meeting.
Six firms will be recommended for inclusion in the $173.9 billion California Public Employees’ Retirement System, Sacramento, approved list for international developed and emerging market equity managers: Martin Currie and OFI Institutional Asset Management for international developed growth equity; Principal Global Investors for international developed core investments; and Aberdeen Fund Management, Pyramis Global Advisors and Wellington Management for emerging markets.
Adding the managers to the lists “will increase the opportunity set of managers for global equity” from which to select, although the recommended inclusion “does not commit CalPERS to fund any of the proposed managers,” the agenda said. Any funding would come from existing public equity assets.
CalPERS received 17 RFP responses in its search for general consultants to add to that approved list, the agenda said. They will be presented at the Feb. 17 meeting, and the staff plans to recommend which consultants should be selected for the list at the April 20 meeting of the investment committee.
Wilshire Associates will continue as general consultant, spokesman Clark McKinley said. But having a stable of other consultants on hand gives the staff flexibility, he said.
“We like (the approved list) for its versatility and flexibility,” he added. “We don’t have to go to the board each time we want to consult with a consultant for a piece of work. … It speeds things up.”
