CalPERS Adds Nations to Its Investing List
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After a three-year snub, the California Public Employees’ Retirement System has added Thailand and Sri Lanka to a list of Asian emerging markets where the fund might invest.
Argentina and Turkey also passed the requirements, bringing to 19 the number of emerging markets CalPERS can invest in globally.
Asian markets that have yet to make it in the list reviewed annually since 2002 are China, Indonesia and Pakistan.
CalPERS’ approval has traditionally been influential in the decisions of other investors, but fund managers questioned whether that was still the case.
CalPERS, with an investment pot of $185 billion, has been investing in emerging markets with the help of Wilshire Consulting -- but only in countries that meet stringent requirements. The latest list of eligible emerging markets was approved by the CalPERS board Monday.
Wilshire’s recommendations are based on political stability, transparency, labor practices, market liquidity and volatility, market regulation, capital market openness and transaction costs.
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