Pensions & Investments – CalPERS is boldly going where no pension fund has gone before with hedge funds.

The $175 billion California Public Employees’ Retirement System, Sacramento, will be the first pension fund to move its $4.6 billion portfolio of 26 direct hedge funds to separately managed vehicles (managed accounts in hedge fund parlance) from commingled hedge funds, according to sources.

The proposed creation of a CalPERS-owned multistrategy hedge fund that will provide an incubation platform for promising emerging hedge fund managers is another first among pension funds, industry observers said.

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Reuters – Two activist hedge funds of Dillard’s Inc are demanding access to inspect the retailer’s books and records, seeking greater transparency from the department store chain’s executives and family members.

Dillard’s shares jumped 18 percent in Monday morning trading.

Barington Capital has been calling on the Little Rock, Arkansas retailer to take steps to improve financial results and governance practices since at least June 2007.

The hedge funds own around 5 percent of Dillard’s class A stock. The Dillard family own most of the company’s class B stock, which allows them to nominate eight of the company’s 12 directors.

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