Wylie Tollette, the chief operating investment officer for the $344.4 billion California Public Employees' Retirement System, is leaving to become head of multiasset client investment solutions at money manager Franklin Templeton (BEN) Investments (BEN).
Mr. Tollette was the No. 2 person at the Sacramento-based pension fund's investment office, behind CalPERS Chief Investment Officer Theodore Eliopoulos. In his role, he had directed investment policy, investment performance and risk analytics and compliance.
Megan White, a CalPERS spokeswoman, said Mr. Tollette would not be available for comment.
Mr. Tollette's last day at CalPERS will be Jan. 5, according to a CalPERS news release. A search for Mr. Tollette's replacement will begin immediately. Matt Flynn, a CalPERS investment director, will fill the position in the interim.
Mr. Tollette, who worked for CalPERS for three years, is rejoining San Mateo, Calif.-based Franklin. He was senior vice president for portfolio analysis and investment risk management when he left.
Franklin in a separate news release said Mr. Tollette's upcoming position is new; he will be working with a global range of clients on multiasset investment solutions.
Money managers globally have been expanding their multiasset client solution teams, specifically for institutional clients, in an effort to attract more assets under management.