World-Beating Manager Takes Over $495 Billion Calpers Fund
- Stephen Gilmore to join largest US pension fund as CIO in July
- NZ sovereign fund he oversaw almost doubled in five years
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Stephen Gilmore oversaw some of the pension-investing world’s best returns at his country’s sovereign wealth fund. He’s now taking one of the industry’s hardest jobs: reviving the fortunes of the much bigger California Public Employees’ Retirement System.
Gilmore, a New Zealand-born economist and investment strategist who has spent most of his 40-year career abroad, will start at Calpers in July, becoming its fifth chief investment officer since 2009. The largest US pension system, with about $495 billion under management, is trying to snap a long spell of lackluster returns. It conducted a months-long global search for a new CIO before picking Gilmore. His predecessor left Calpers in September after just 18 months on the job.