CalPERS firing real estate advisers because of losses

12/9/2009 | Los Angeles Times (tiered subscription model)

California's biggest public pension fund, CalPERS, has dismissed several of its real estate advisers because of losses on commercial property and is looking into letting more go, an adviser to the pension fund said in a memo. In the third quarter, the pension fund's real estate investments lost 48.7% of its value compared with the same quarter a year ago.

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