Calpers CIO Resigns After Less Than Two Years, Missing Return Targets
- U.S. pension fund has fallen short of target two years running
- Fund had been pushing into private equity, adding leverage
This article is for subscribers only.
Ben Meng has resigned as chief investment officer of the California Public Employees Retirement System after less than two years in the role, during which time the biggest U.S. public pension fund fell short of its target returns.
Meng stepped down effective Aug. 5, Calpers said in an emailed statement in Asia hours Thursday. He cited a wish to focus on his health and family. Meng’s deputy, Dan Bienvenue, will serve as interim CIO while a search is undertaken for a permanent replacement, said Calpers, which oversees about $390 billion.