CalPERS slashed its equity emerging manager program and shifted even more of its equity assets in-house over a three-month period ended in October, resulting in equity emerging manager of managers Legato Capital Management being its sole equity emerging manager and 95% of its $187.1 billion global equity portfolio internally managed.
Image: Bloomberg California Treasurer and CalPERS board member Fiona Ma said she supports ‘significant savings’ in fees from the manager terminations.
