CalSTRS, the $146bn (€115bn) California pension fund for teachers, is looking for activist fund managers to invest in underperforming companies.

The fund's tender comes at a time when pension funds are becoming increasingly demanding shareholders. Top shareholders in Vodafone are currently demanding the departure of chief executive Arun Sarin.

Renée Schultes

Vodafone

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The BlackRock CEO says he wants individuals to have better access to the menu of private and illiquid investments that have long been core holdings of pensions, endowments and other institutions.

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The prospect of a radical escalation in the global trade war in the coming days has nearly doubled the probability of a recession in the U.S. economy in the next 12 months to around 35%, according to Goldman Sachs.

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CalSTRS tenders for activist managers

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