On Wednesday CalPERS reported the passing of Joe Dear, the fund’s chief investment officer. From the time Mr. Dear was selected as CIO in January of 2009 through December 2013, assets at the fund grew by more than 50% to $283.5 billion.
Under his leadership the fund most recently posted a 16.2% return for calendar year 2013, 140 basis points above its policy benchmark. Its three-year annualized return was 10%, 20 basis points above its benchmark.
CalPERS provides retirement and health benefit services for more than 1.6 million members.