The California Public Employees’ Retirement System (CalPERS) is set to release documents detailing the fees paid by investment firms to middlemen to get CalPERS business, The Wall Street Journal reports. Among the biggest payouts will be nearly $17 million that Relational Investors paid to New York area firm, Tullig, and other big payouts.
The document release follows the pension fund’s “special review” last year into payments made by investment firms to the middlemen, known as placement agents Another placement agent that received money was ARVCO, led by Alfred Villalobos, who was on the CalPERS board in the 1990s. ARVCO earned more than $58.9 million in fees, adds Reuters.
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