|
CNBC'S MOST SHARED
- Farrell: Signs of the Recession's End
- Michael Jackson Estate Hearing Underway
- Animalistic Behavior Against Novartis
- Pearl Izumi In Runner's World: Good Ad Or Bad?
- Stop Trading, Listen to Cramer!
- SEC Says Working Toward Ban on Flash Trades
- 4 Internet Stocks on the Rise
- Social Climbers: What's Next for Social Media?
- Lloyds' Bad Debts Hit $22 Billion, Posts Loss
- Swiss Re Makes Surprise Q2 Net Loss, Hedges Backfire
- Cisco Results Could Make Or Break Market Rally
- Corporate Bond Rally May Be Over as Yields Pull Back
- Cash for Clunkers: Is It Worth Guzzling All That Cash?
- Buffett Accepts Resignation of NetJets Creator
- Sony Plans $199 US e-Reader, Takes on Amazon
- Total Cost of Raising a Child? It's More Than You Think
- Slideshow: America's 'Greenest' Universities
- Warren Buffett 'Reluctantly' Accepts Decision By NetJets Creator To Step Down
- How to Cash in on Copper: Stock Picker
- Pullback is Coming — So Wait to Buy: Strategists
- Is It Worth Guzzling That 'Clunker' Cash?
- A Few Good Tweets (Updated)
- Discovery Doubles Earnings From Continuing Operations
- Animalistic Behavior Against Novartis
- 4 Internet Stocks on the Rise
- Henes' Lessons of the CEO: How to Succeed in Restructurings and Life
Text Size 
Calpers, the largest U.S. pension fund, said on Tuesday it suffered a record 23.4 percent drop in the value of its assets in the last year.
 |
Photo by: scazon |
Assets fell to $180.9 billion on June 30 from $237.1 billion a year earlier, the California Public Employees' Retirement System, or Calpers, said. "This result is not a surprise; it is about what we expected given the collapse of markets across the globe," Joe Dear, the fund's chief
investment officer, said in a statement.
The fund's assets dipped as low as $160 billion in March of this year.
Calpers said it wanted flexibility to invest in private equity, real estate and infrastructure and planned a fuller asset allocation and liability review in 2010.
Last week Calpers sued the three largest credit rating agencies for giving perfect grades to securities that later suffered huge subprime mortgage losses.
Separately, the California State Teachers' Retirement System, or Calstrs, said it posted a 25.0 percent loss in the fiscal year ended June 30.
Calstrs, the second-largest U.S. public pension fund, said its initial estimate is that its assets totaled $118.8 billion for the fiscal year.
"In addition to the severe downturn in the global stock markets, the return results were affected by how Calstrs recorded the unprecedented drop in real estate values," the fund said in a statement.
"Calstrs recorded or 'wrote down' the value of its worldwide real estate holdings in a single year, rather than spreading out the expected losses over several years," the fund said.
Moody's Investors Service said on Friday the top AAA credit ratings of California's two main public pension funds— Calpers and Calstrs— were placed on review for a possible downgrade in the latest fallout from the state's budget crisis, which was finally resolved late on Monday. Lawmakers may vote on the agreement between Governor Arnold Schwarzenegger and lawmakers by Thursday.
Data is a real-time snapshot *Data is delayed at least 15 minutes