CalPERS staff this spring will propose moving an unspecified chunk of its $24.4 billion in passively managed international equities from State Street Global Advisors to a newly created internally managed fund, said Christianna Wood, senior investment officer at the $177.8 billion California Public Employees' Retirement System, Sacramento.
Ms. Wood noted that CalPERS has been adding staff to its internal portfolio management team. Eric Baggesen, a senior portfolio manager, joined CalPERS recently from SSgA, while Dan Bienvenue, a portfolio manager, joined from Barclays Global Investors' Sacramento office, which was closed earlier this year. There are plans to add two more investment officers in the fiscal year starting July 1. SSgA officials did not return calls seeking information about a replacement for Mr. Baggesen.
"We've just evolving our skills. We have no intention of terminating our relationship with SSgA," Ms. Wood said.