Sept 17 (Reuters) - The California Public Employees’ Retirement System said Ted Eliopoulos would assume the role of chief investment officer at America’s largest public pension fund.
The $300 billion fund, known as Calpers, invests with firms including Och-Ziff Capital Management, Deepak Narula’s Metacapital Management and Bain Capital’s Brookside Capital.
Eliopoulos succeeds Joe Dear, who died in February, and had been interim chief investment officer for the past seven months. He had served earlier as the senior investment officer for Real Assets at the fund, Calpers said on Wednesday.
Eliopoulos, 50, had already been leading a more conservative investment strategy for Calpers, which saw roughly one third of its wealth wiped out in the wake of the 2008 financial crash.
The pension fund’s value reached $300 billion for the first time earlier this year and earned nearly 19 percent in the last fiscal year.
On Tuesday Calpers announced that it was pulling out its $4 billion investment in hedge funds, because of the risks, cost and complexity involved, a move recommended by Eliopoulos.
Eliopoulos served in the California State Treasurer’s Office as Deputy Treasurer and then Chief Deputy Treasurer, from 2002 to 2006. (Reporting By Krishna Chaithanya and Tim Reid; Editing by Ken Wills)