The California Public Employees' Retirement System, the largest U.S. pension, is developing plans to shift as much as $30 billion from external to internal managers as it seeks to reduce fees.
The $306 billion system now oversees about 70% of its assets internally, most in stocks and bonds, a share that can increase as Calpers develops capacity to handle private equity, real estate and infrastructure, according to chief investment officer Ted Eliopoulos.
"I think 75, maybe 80%" is the long-term goal, Eliopoulos said in a Bloomberg Television interview in Sacramento. "It's a big deal."
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