The California Public Employees’ Retirement System (CalPERS) appointed Ted Eliopoulos as permanent chief investment officer (CIO). He will be responsible in leading the investment office of the pension fund.
Prior to his appointment, Mr. Eliopoulos serves as temporary CIO of the largest pension fund in California. He joined CalPERS as senior investment officer of its real estate investment division in 2007.
Before that, he served as deputy treasurer and chief deputy treasurer at the California State Treasurer’s Office from 2002 to 2006.
The best candidate for the position
CalPERS Board of Administration president, Rob Feckner said, Mr. Eliopoulos proved that he is the best candidate to take over as CIO during the selection process.
Mr, Feckner said Ted “has intellect, temperament, leadership ability, and investment experience” needed to become successful in his position. He noted that Ted demonstrated those qualities consistently while performing his role as interim CIO over the past year.
“I look forward to continue working with Ted in this role and congratulate him on this achievement,” said Mr. Feckner.
CalPERS portfolio is worth around $300 billion
In his position, Mr. Eliopoulos will manage CalPERS’ portfolio worth approximately $300 billion. He will work closely with the board administration of the pension fund to determine prudent and progressive investment strategies.
“The CalPERS Investment Office has gone through a period of tremendous change and transformation in recent years.Ted will provide steady leadership and bring further stability to the office,” said Henry Jones, board member and chairman of the investment committee of CalPERS.
Mr. Jones added that Ted and his staff can focus on achieving long-term, risk-adjusted returns for the members of the pension fund.
Eliopoulos succeeded Joe Dear
Mr. Eliopoulos succeeded the late Joe Dear, who died of prostate cancer last February. His predecessor boosted the CalPERS’ assets after suffering a 28% decline from $253 billion to $183.3 billion by end of 2008. At the time, the pension fund was considered unsustainable.
In 2009, Mr. Dear joined the pension fund and took charge of its investments for five years.The assets of CalPERS reached as much as $283.9 billion during his tenure.