Transparency for investors did score a victory last week in another place. CALPERS, California’s public employees’ pension system, the largest pension system in the US, announced it would sell all its hedge fund positions over the next year.
CALPERS noted that returns haven’t met expectations, that the fees are quite high and that there is no transparency — investors don’t know what is being done with their money- they can only hope for returns. One wonders whether CALPERS, or other pension plan that eschew hedge funds, will consider buying Alibaba ADRs.
This article was written by David Blitzer, chairman of the index committee, S&P Dow Jones Indices.
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