Sorry!! The article you are trying to read is not available now.

CalPERS probes oversight of two outside hedge fund advisors

Print comment Post Comments
The portfolio for the nation’s largest public pension lost 23.5% last year, so it doesn’t help to learn that it’s possibly been paying two hedge fund managers millions without a contract. CalPERS is investigating how it paid Paamco and UBS $36 million for the past two years without any contractual arrangement. "If you have no contract it is difficult to meet your obligation to monitor these outside advisors diligently," said Blaine Aikin, chief executive of Fiduciary 360, a company that advises institutional investors on management practices. "The contracts are meant to make sure the service providers are performing the functions they are hired to do faithfully. It is cause for concern.
SOURCE:   L.A. Times