Institutional Investors

CalPERS review finds lapse in contracts


Kurt Silberstein may be back from administrative leave, but he is said to have paid a fine as he took on negative press following the finding that UBS and Pacific Alternative Asset Management Company had been managing money for the California Public Employees' Retirement System for two years without a contract.

Officials at the Sacramento-based retirement system discovered that some internal procedures and protocols were not being followed as the $200 billion retirement fund took steps early in 2009 to create better alignment of interests with its underlying hedge fund managers.