Business Journal: Calpers Names New Investment Officer
The nation’s largest pension fund has a new investment leader, ending a more than six-month search.
Wednesday, January 21, 2009
The California Public Employees’ Retirement System has hired a new chief investment officer to oversee the $180 billion pension fund. Joseph Dear, currently the executive director of the Washington State Investment Board, will join CalPERS in March. Dear replaces Russell Read who resigned in June. Dear arrives at a difficult period for the pension fund, which has endured a wild ride on Wall Street, just like most big-time money-management firms and individual investors. Dear is a 20-year veteran of managing large government operations, mostly in Washington state. CalPERS is the nation’s largest public pension fund and manages more than 70 percent of its public stock investments internally. CalPERS is critical to the economy in the Golden State and the Sacramento region, managing pension and health benefits to almost 1.6 million public employees, retirees and their families.