Ted Eliopoulos is leaving Friday, but new CIO Yu Ben Meng can’t start until January because of a non-compete agreement. Eric Baggesen will become interim CIO.
Yu Ben Meng’s start date is being held up by the Chinese government, which could delay a vote on the launch of a $20 billion direct private equity investment organization.
The hearing on Dec. 5 will help determine if public workers’ pensions can be reduced and could have national implications.
CalPERS consultant finds without a huge increase in new private equity commitments, the fund will see a declining allocation to the asset class.
Priya Mathur, an advocate for CalPERS ESG programs, will be replaced by California police officer Jason Perez.
Investment committee research finds companies don’t meet divestment threshold
A decade ago, the largest US pension plan decided to abandon its home country bias favoring US stocks. Now, pension officials wonder if it was the right move as US stock performance has shined.
Board approves 4% raise, $84,873 bonus, but controversy continues over Frost’s educational credentials.
Ben Meng’s predecessors did not have deep investment roots, instead administrative and political experience were their calling.
Start date has not yet been determined.
Consultant Wilshire Associates also gives overall CalPERS leadership a C grade.
Deal with Ben Meng is not done, however, as negotiations continue on total compensation.
Plan launches second initiative aimed to increase independent board members at Japanese companies.
Representatives of pension plans and asset managers describe effort to Invest in ESG strategies at annual Principles of Responsible Investing conference.
The program, however, represents just a little more than 1% of CalPERS’s AUM.