Relational Investors and Ares Management to reduce Fees for CalPERS
|June 21st, 2010||
|Ralph Whitworth’s activist focused Relational Investors LLC will join Ares Management LLC in reducing management fees to the California Public Employees Retirement System (CalPERS). According to Bloomberg, Relational will cut fees by $30 million, while Ares will forego $10 million in fees over the next five years. Both firms agreed to cut out middlemen, which are a strong source of fees. |
According to the article, pension manager CalPERS has a $1.5 billion commitment with Relational Investors.
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