A nod of approval for Jordan

The California Public Employees’ Retirement System (CalPERS), the largest public pension fund in the US, is to start investing in Jordan.

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By  Massoud Derhally Published  February 25, 2003

The California Public Employees Retirement System (CalPERS), the largest public pension fund in the United States, said it will start investing in Jordan, according to the Jordan Times.

Jordan will now be one of several emerging market countries in which CalPERS’ invests. CalPERS spokesman Brad Pacheco told the Jordan Times, however, that the exact amount that will be invested in Jordan is not yet decided.

CalPERS chose to invest in 15 of the 'emerging' countries recently analysed by its investment advisor, Wilshire Associates Inc., which evaluated various aspects of 27 countries and the strength of their markets. Jordan ranked 10th overall of 27 countries that were examined in the firm's main analysis.

It scored highly on the grounds of its openness to foreign investment. The country's overall rating was brought down, however, by a low score in the 'settlement proficiency/transaction costs' category, which examines the efficiency and cost of making a transaction, such as buying stocks and other securities.

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