NEW YORK (TheStreet) -- Och-Ziff Capital Management (OZM) shares are down 0.9% to $11.69 on Tuesday after the California Public Employees' Retirement System (CalPERS) said that it would divest the entire $4 billion it had invested in various hedge funds, including the $700 million Och-Ziff was handling for the pensioneer.
CalPERS, the largest pension system in the U.S., is divesting in an effort to "reduce complexity", according to Bloomberg.
CalPERS has been hinting at divesting from hedge funds since the 2008 economic crisis wiped out a third of its wealth.
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