Fred Buerostro, chief executive of the California Public Employees’ Retirement System (CalPERs), the largest U.S. pension fund, said yesterday he would retire, days after its chief investment officer said he would step down.
During his six-year tenure, Buenrostro helped solidify CalPERS investment position, earning the pension fund the distinction of being named the most influential player in U.S. corporate governance.
Buenrostro, chief executive, said in a statement he would leave the fund, best known as CalPERS, which manages roughly $244 billion0, to pursue private sector opportunities.
NNews of Buenrostro’s pending retirement after six years as the fund’s chief executive comes less than a week after Calpers said chief investment officer Russell Read was resigning to pursue environmental investments.
Anne Stausboll, the chief investment operating officer at CalPERS, has been designated as Read’s interim replacement. No succcessor has been announced for Buenrostro.
In January, hedge fund group Capital Z Asset Management said it had hired as chief executive Calpers senior investment advisor Christianna Wood, who oversaw $150 billion in assets invested in global equities plus many of the pension fund’s hedge fund allocations.