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Pension Funds

CalPERS CIO to leave at end of year for family reasons

Theodore "Ted" Eliopoulos, CalPERS' chief investment officer, will be leaving the pension fund at the end of 2018, said CEO Marcie Frost at Monday's investment committee meeting.

A nationwide search for his replacement at the $355.9 billion California Public Employees' Retirement System, Sacramento, will be launched immediately, spokeswoman Megan White said in an email.

Mr. Eliopoulos said he is leaving CalPERS for family reasons. His older daughter lives in New York and his younger daughter was just accepted to a college in New York, he told the committee.

"We have some significant health considerations in particular with respect to (our younger daughter), and my wife and I want to make sure that we give her every bit of support as we can as she makes the transition back east," Mr. Eliopoulos said. "And we're thrilled for her and thrilled to be in a position to provide that level of support. And while the decision is tough, I know it's the best one for our family."

He noted that CalPERS has an "incredible investment team" that manages more than 70% of assets internally.

Mr. Eliopoulos has been CIO since September 2014. CalPERS earned a 15.7% net return in 2017, outperforming its benchmark by 25 basis points; for the three years ended Dec. 31, the pension fund returned an annualized net 6.7%, besting its benchmark by 6 percentage points; and for the five years ended Dec. 31, CalPERS earned an annualized 9% net return, outperforming its benchmark by 19 basis points.