CalPERS Renews Pimco’s Contract
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The California Public Employees’ Retirement System said it renewed its contracts with all five managers of its high-yield bond funds, including Newport Beach-based Pacific Investment Management Co., or Pimco.
CalPERS put its Pimco stake under review in February, after the New Jersey attorney general filed suit, saying Pimco allowed a hedge fund to engage in trading abuses.
Pimco has denied wrongdoing. “Our high-yield managers are doing their job,” a CalPERS official said in a statement Wednesday.
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