Calpers Says Middlemen Received at Least $125 Million
Friday, January 15, 2010 : PermalinkJan. 14 (Bloomberg) — The California Public Employees’ Retirement System, the largest U.S. public pension, said private investment firms paid at least $125 million to placement agents for help winning contracts to manage the fund’s money.
The pension fund today released more than 5,000 pages of documents it sought from fund managers detailing when they hired middlemen and how much they paid. To the best of the pension’s knowledge, the top-earning agent was a firm run by former board member Alfred Villalobos, who received $58.9 million in the last decade, as Calpers disclosed last year.
