A Goldman Sachs veteran will oversee investment strategy at the world’s largest pension plan.
The Government Pension Investment Fund (GPIF) in Japan chose Eiji Ueda to be its next investment chief, according to the fund’s website. The executive has a two-year contract with the government pension program.
Ueda, who has worked at Goldman nearly 30 years, was most recently an advisory director at the investment firm.
He will take over the $1.5 trillion pension system from Hiromichi Mizuno, who joined GPIF in 2015 as its first dedicated chief investment officer. Mizuno stepped down last month at the end of his contract.
Other leadership changes were also made to the fund. Last week, Masataka Miyazono started a five-year contract as the fund’s new president. Norihiro Takahashi, former president at GPIF, also retired in March, per his contract.
The changes come as the fund is beginning to push aggressively into foreign assets, as domestic bonds diminish in value. Japan, which has been dealing with the coronavirus pandemic along with the rest of the world, is teetering into a recession.
GPIF, which owns roughly 10% of Japanese equities and 1% of global equities, is planning to allocate up to one-quarter of its portfolio into foreign bonds.