At CalPERS' investment committee earlier this week, Wylie A. Tollette, the pension fund's chief operating investment officer, presented results of its cost effectiveness initiative for fiscal 2013. In 2013, the fund paid $790.5 million in base management fees to external managers, down 2.2% from 2012 ($808.2 million) and down 8.7% from 2011 ($865.6 million).
CalPERS attributed the cost cuts to "fee reductions and insourcing of portfolios."
