[SACRAMENTO] The California Public Employees' Retirement System (Calpers) plans to divest the entire US$4 billion that it invested with hedge funds, saying they're too expensive and complex.
The decision to eliminate 24 hedge funds and six hedge fund-of-funds, isn't related to the performance of the programme, interim chief investment officer Ted Eliopoulos said on Monday.
The board of the US$298 billion pension, hasn't decided where to invest the money after the pull-out, which will take about a year, he said.
"We concluded that we would eliminate the hedge fund programme in order to reduce the complexity, reduce the costs in the programme, particularly in relation to our view that given the scale...
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