The California Public Employees’ Retirement System announced Monday that it is severing its ties with the Pacific Corporate Group, which had managed three of the giant pension fund’s investment vehicles.

CalPERS cited its “ongoing strategic review” as its reason for the action. The Sacramento Bee noted that the firm had close ties to Alfred Villalobos, a former CalPERS board member who has been revealed to have received tens of millions of dollars in commissions from funds that received CalPERS investments.

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