Calpers, the largest US public pension fund, revealed that a former board member had reaped $50m in fees for arranging investments that could saddle state taxpayers with big losses, reports the WSJ. The disclosure deepens concerns that alleged conflicts of interest are undermining US state retirement funds. Calpers said it is launching a “special review” into money managers’ payments to firms including Arvco Financial Ventures, headed by Al Villalobos, who served on Calpers’ board 1993-95.
