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PERS staff wins fee concession from Principal; UBS TPF chief investment officer to change
5074629 · June 26, 2025
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Summary
PERS staff reported a reduced fee breakpoint at Principal's core U.S. property fund (threshold cut from $750 million to $500 million, fee lowered from 73 bps to 70 bps) and said UBS TPF will name Larissa Belova as chief investment officer when Paul Canning retires July 1.
Jason Clark told the Investment Committee that staff negotiated a lower breakpoint and modest fee reduction with Principal Real Estate for the core U.S. property fund.
Clark said the fee breakpoint was lowered from $750 million to $500 million and the management fee at the…
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