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Universal Owners

Large institutional investors are sometimes described as "universal owners."  As fiduciaries, the board of administration for institutional investors has a duty of loyalty  and a duty of care to the beneficiaries of the pension funds. 

California has several of the largest public pension funds in the United States, including the California Public Employees Retirement System and the California State Teachers Retirement System, with assets under management of $3.75 billion and $3 billion respectively.

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