Egidio “Ed” G. Robertiello was named senior portfolio manager of absolute-return strategies at the California Public Employees' Retirement System, Sacramento, spokesman Brad Pacheco confirmed Tuesday.
Mr. Robertiello is scheduled to start July 9. He replaces Kurt Silberstein, who had overseen the $230.3 billion retirement system's $5.2 billion hedge fund program. Mr. Silberstein left on Aug. 5, 2011, to join Ascent Private Capital Management as managing director of alternative investments.
CalPERS had placed Mr. Silberstein on a brief leave in 2009 after it was discovered the retirement system was continuing to do business with two hedge fund consultants whose contracts had expired, UBS Alternative and Quantitative Investments, and Pacific Alternative Asset Management Co.
Mr. Robertiello is managing director of hedge funds at Russell Investments. He will remain with Russell until the end of this month, said spokeswoman Kate Stouffer. Vic Leverett, managing director and head of the alternatives business, will take on Mr. Robertiello's duties while a permanent replacement is sought.
Mr. Robertiello previously was a managing director in Credit Suisse's asset management business, overseeing its Americas hedge fund business. Prior to that, he was vice president of pensions and benefits for RJR Nabisco Inc., now Kraft Foods Co., Northfield, Ill., until 1999. Nabisco was one of the earliest institutional investors in hedge funds, beginning in about 1994, according to Mr. Robertiello's resume on Russell Investments' website.
Christine Williamson contributed to this story.