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April 15 (Bloomberg) — The California Public Employees’ Retirement System, the largest U.S. pension, paid Wall Street firms almost $1.2 billion last fiscal year to manage investments, up 20 percent from a year earlier.

Calpers said fees paid to external firms for performance more than doubled in the year that ended June 30 to $377.6 million, up from $165 million the previous year, according to a report released yesterday. Base fees declined 2 percent to $790.5 million. The fund had $285.8 billion under management as of April 14.

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