The 20 largest pension funds (13 of them funds of state, municipal, or nonprofit employees) hold around one-tenth of the equity capital of America's publicly. Increasingly, they demand a voice in the companies in which they invest-for instance, All pension funds together may own 35% of the company's total capital.
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· A pension fund seeking to own a diverse basket of technology stocks, say, or invest in promising, mid-sized European companies may hire a stockbroker to handle that.
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