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No Surprise: CalPERS Officially Names Eliopoulos CIO

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On September 17, the California Public Employees’ Retirement System (CalPERS) selected Theodore “Ted” Eliopoulos as the official chief investment officer of the pension giant. This is ending a 7-month CIO search. Eliopoulos served as the interim CIO, taking over the job from the late Joseph Dear. Eliopoulos started at CalPERS as the senior investment officer for Real Assets, joining in January 2007. Prior to CalPERS, Eliopoulos served in the California State Treasurer’s Office as deputy treasurer and then chief deputy treasurer, from 2002 to 2006. Eliopoulos is a lawyer and former private land developer. The last few chief investment officers at CalPERS were outsiders including: Joe Dear, Russell Read and Mark J.P. Anson.

A key change in reporting structure is that Eliopoulos will report to the CEO of CalPERS, Anne Stausboll, not directly to the CalPERS board. This structure gives more power to the CEO of CalPERS in decision making.

The selection of Eliopoulos as CIO, reflects an adoption of a more conservative mindset for CalPERS. In recent news, CalPERS dumped its hedge fund program. However, the Sacramento pension giant still has massive allocations to real estate and private equity.

China Helps Pakistan’s Foreign Reserves

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Despite Pakistan witnessing an increase in exports, the rapid increase in crude prices and lackluster financial inflows, have affected the country’s balance of payments position. Trying to avoid a full-scale currency crisis, Pakistan is also dealing with a fiscal budget deficit and a current account deficit. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Russia-Japan Investment Fund to Back Wood Pellet Production in Russia

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The Russian Far East has a lot of timber, and for that wood pellets is a source of biofuel. A while back, the Russian Direct Investment Fund (RDIF) formed the Russia-Japan Investment Fund (RJIF) with the Japan Bank for International Cooperation (JBIC). RDIF and JBICIG Partners as part of RJIF, together with RFP Group and Japan’s Prospect Co., Ltd. have agreed to collaborate and consider potential investments in Russia’s biofuel industry. JBICIG Partners is a subsidiary of the Japan Bank for International Cooperation.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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RDIF Lures Asian Investors Toward Russian Surgical Robot Project

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The Russian Direct Investment Fund (RDIF) is partnering with a number of unnamed Asian co-investors to allocate capital toward a project to create and manufacture Russian surgical robots. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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