Tue, Mar 19, 2024
A A A
Welcome Guest
Free Trial RSS pod
Get FREE trial access to our award winning publications
Industry Updates

CalPERS saves $162m through inhouse management and reducing consultants

Wednesday, November 26, 2014
Opalesque Industry Update - The California Public Employees' Retirement System (CalPERS) has announced that efforts to bring more investment management in-house and reduce consultants are among factors that have saved the Pension Fund more than $162 million in the last three fiscal years.

The savings are in addition to the $106 million CalPERS projected last week that it will save by removing ineligible participants from its health care program.

"Fiscal responsibility is one of our top priorities," said Cheryl Eason, Chief Financial Officer for CalPERS. "We've been able to minimize program costs to the benefit of our members, employers, and the Fund."

Between Fiscal Year 2011-12 and 2013-14, CalPERS achieved savings in its investment, health care, and information technology programs through the following initiatives:

Investment Office - $116.4 million in savings

Increasing in-house investment portfolio management

  • Favorable terms on fees with external investment partners
  • Transfer of work from consultants to state staff

Health Program - $33.3 million in savings

Additional health plan options that increased competition

  • Hip & knee reference pricing programs

Information Technology - $12.1 million in savings

  • Transfer of consultant work and knowledge to state staff

Press Release

PD

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Previous Opalesque Exclusives                                  
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. KKR raises $6.4bn for the largest pan-Asia infrastructure fund[more]

    Laxman Pai, Opalesque Asia: The New York-based global investment firm KKR has raised a record $6.4bn for its second Asia-focused infrastructure fund, underlining investors' continued appetite for private markets. According to a media release from the alternative assets manager, the figure top

  2. Bucking the trend, top hedge fund makes plans for a second SPAC[more]

    From Institutional Investor: SPACs aren't dead. At least not to the folks at Cormorant Asset Management. The life sciences firm, whose hedge fund topped its peers in 2023, is confident it will match the success of its first blank-check company. Last week, the life sciences and biopharma speciali

  3. Benefit Street Partners closes fifth fund on $4.7 billion[more]

    Bailey McCann, Opalesque New York: Benefit Street Partners has closed its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7 billion of investable capital across the strategy. Benefit Street invests primarily in privately originated, floating rate, senior secured loans. The fun

  4. 4 hedge fund themes that are working in 2024[more]

    From The Street: A poor earnings report from Tesla (TSLA) has not hurt the indexes on Thursday. The decline in Tesla stock, which is losing its position in the Magnificent Seven pantheon, is more than offset by strong earnings from IBM (IBM) and ServiceNow (NOW) . In addition, the much higher-t

  5. Opalesque Exclusive: A global macro fund eyes opportunities in bonds[more]

    Bailey McCann, Opalesque New York for New Managers: Munich-based ThirdYear Capital rebounded in 2023, following a tough year for global macro. The firm's flagship ART Global Macro strategy finished the year up 1