Top fund managers split on Calpers hedge fund exit

Asness, Cooperman and Robertson respond to pension giant’s hedge fund pullout


The California Public Employee Retirement System's (Calpers) decision to liquidate its $4 billion hedge fund portfolio elicited some strong reactions from speakers at the Bloomberg Markets Most Influential Summit in New York on September 22, with top asset managers arguing for and against the move.

William Conway, co-founder and co-chief executive of the Carlyle Group, questioned the timing of Calpers' exit from hedge funds. "Where are they going to put their money?" he asked, noting that stocks