The California Public Employees’ Retirement System (CalPERS) has approved new measures for the use of placement agents, Global Pensions reports. The measures were recommended in December by Steptoe & Johnson, which performed a special review for CalPERS.
The Office of Audit Services will perform audits to ensure compliance with its own policies and regulations that no CalPERS money is used to pay placement agent fees. The system will also examine protocols concerning outside consultants and staff with respect to current and potential investments.
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