CalSTRS Begins Search for Next CIO | Chief Investment Officer

The California State Teachers’ Retirement System has begun its search for a new CIO, releasing a job posting for the position Thursday morning.

“CalSTRS’ CIO must possess exceptional leadership qualities, investment management capabilities and demonstrated excellence leading people,” the posting states. “The ideal candidate must have worked in a complex financial environment within the public sector or a large institutional setting. An advanced degree is desirable.”

The CIO is responsible for providing strategic investment leadership for the $327 billion pension fund, the second largest public fund in the U.S. and the largest educators’ pension fund in the world.

The candidate for the Sacramento-based position will be succeeding Chris Ailman, who has served as CIO since 2000, making him one of the longest-tenured CIOs of any public fund.

The job posting lists some of the following requirements;

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Minimum 10 years of experience in investment management;
Bachelor’s or master’s degree in business administration, economics, finance or a closely related field;
Knowledge of and ability to implement diversity, equity and inclusion principles;
Demonstrated commitment to creating and sustaining a diverse, inclusive and equitable workplace;
Demonstrated ability to engage with diverse stakeholders, including boards, CEOs, legislative bodies and external partners;
Track record of successful asset allocation, risk management and investment strategy implementation;
Track record of creating and executing long-term investment plans that align with an organization’s strategic goals and objectives; and
Ability to represent the organization in public forums, advocate for the investment program and maintain credibility within the investment community.

The posting lists a salary range of $408,000 to $612,000, with a 5% monthly base pay increase if the candidate holds a Chartered Financial Analyst, Certified Commercial Investment Member or Chartered Alternative Investment Analyst certification. Additionally, a performance-based award of up to 200% of the annual salary is available.

There could be crosstown competition in Sacramento in the search for a CIO. The California Public Employees’ Retirement System recently conducted the first round of interviews in a search for its new CIO, seeking a successor to Nicole Musicco, who stepped down in September 2023 after 18 months. CalPERS expects to have a candidate identified during the first quarter of 2024.

The final deadline for applications is March 10. Ailman will step down from his position on June 30 but will stay on as an adviser to his successor until the end of 2024 to ensure a smooth transition.

Related Stories:

CalSTRS CIO Chris Ailman to Retire

CalSTRS Board Approves Plan to Increase Portfolio Leverage up to 10%

CalPERS Expects to Hold 1st Interviews for Vacant CIO Position Next Week

Tags: California Teachers’ Retirement System, CalSTRS, Chris Ailman

GIC Private Ltd., Singapore’s $770 billion sovereign wealth fund, announced a shuffling of its senior leadership on Wednesday. All management changes will be effective April 1.

“With this refreshed leadership bench, I am confident that we can continue to pursue excellence in our operating and investment capabilities, and navigate the investment environment,” said Lim Chow Kiat, CEO of the GIC, in a press release.

The following leadership changes were announced:

Sam Kim, deputy chief operating officer, will be appointed COO and will join the group executive committee, a management body within the fund on which many of the fund’s CIOs sit;
Bryan Yeo, CIO of public equities, will become deputy group CIO and will oversee the fund’s integrated strategies group, which seeks to expand the fund’s public and private investments into less conventional opportunities;
Mark Ong, head of Asia Pacific equities, will become CIO for public equities, replacing Yeo;
Goh Chin Kiong, deputy CIO of real estate, will become CIO for real estate, succeeding Lee Kon Sun, who will retire from GIC; and
Boon Chin Hau will be appointed as deputy CIO for infrastructure.

The fund also announced that several senior leaders will step down but remain part of the fund’s global leadership group. Tay Lim Hock will step down from his roles as deputy group CIO and COO, and Lim Kee Chong will step down from his role as deputy group CIO and director of the integrated strategies group.

Between 2018 and 2022, the GIC was the world’s largest sovereign wealth fund by capital deployed, but it was dethroned by Saudi Arabia’s Public Investment Fund, according to Global SWF’s 2024 annual report. According to the report, the GIC reduced its investment activity by 37% in volume and by 46% in value in 2023, although the fund received record inflows of $144 billion from Singapore’s central bank.

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The fund announced in July 2023 that it had achieved a real rate of return of 4.6% during the 20-year period that ended March 31, 2023.