The world’s largest asset manager said it’s reducing cyclical exposures to global assets, such as emerging markets and Japan.

Head of $252.4 billion pension fund to step down after more than 18 years on the job.

CalSTRS, USS, Japan’s GPIF warn public companies and asset managers to adapt or die.

Undeterred by the wild stock market, he is venturing into the battered energy sector.

But market volatility caused by the coronavirus threatens to erase some of the gains.