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Pension manager reports steady fund performance; staff flags budget pressure and legal costs
California State Athletic Commission · December 9, 2025
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Summary
Raymond James reported the commission's pension fund has sustained distributions while maintaining corpus; staff warned of litigation costs and declining boxing revenue though new events (including bare knuckle) provide offsetting income.
Raymond James investment manager Cyril Shaw told the commission the pension plan the firm manages has a balanced allocation (roughly 50% equities, 50% bonds and cash) and has funded distributions to professional boxers while maintaining the plan corpus since 2007. Shaw said the fund paid roughly $400,000 in…
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