No Surprise: CalPERS Officially Names Eliopoulos CIO

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.

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