She will replace Jack Ehnes, the outgoing head of the pension system who postponed his retirement last year because of the pandemic.
Karen Karniol-Tambour was formerly head of research at the hedge fund; Carsten Stendevad was previously chief executive at ATP.
The $7.4 trillion asset manager sees cash as a guard against further shocks, leading a trend sweeping corporate America.
The institutional investor joins firms such as JPMorgan in mobilizing around the relief effort.
The world’s largest asset manager said it’s reducing cyclical exposures to global assets, such as emerging markets and Japan.