Robert D. Walton is expected to be named interim CEO for the $136 billion California Public Employees' Retirement System, Sacramento. Mr. Walton, a 31-year veteran of CalPERS, is the system's assistant executive officer in charge of governmental affairs and planning and research. CalPERS officials plan to name a successor next month to replace CEO James Burton, who leaves the fund Friday.
Separately, CIO Mark Anson told the CalPERS board the fund will need "another nine months or so" to reach its hedge fund target allocation. The fund may select a total of 12 to 15 hedge fund managers; it already has named eight.
In addition, the CalPERS investment committee yesterday approved hiring Cooper Consultants to revamp the fund's evaluation process for its outside consultants.