Pension power plays

Nearly a year later, some concrete effects of CalPERS' intentions are becoming apparent, according to reports by the Wall Street Journal and Dow Jones - and the manager's approach has gained other adherents in the US pension fund industry.

Specifically, CalPERS will no longer invest conventionally by pooling its capital with other clients into hedge funds, and will instead require separately managed accounts in which hedge fund managers will have to trade directly for the pension fund manager.