Thomas McDonagh was named acting senior investment officer for real assets at the $282.9 billion California Public Employees’ Retirement System, effective April 1.
Mr. McDonagh will retain his duties as a senior portfolio manager on the Sacramento-based pension fund’s global fixed-income investment team, spokesman Joseph DeAnda said in an interview.
Mr. McDonagh replaces Theodore “Ted” Eliopoulos as head of the real assets investment team. Mr. Eliopoulos is now acting chief investment officer, replacing Joseph A. Dear, who died Feb. 26.
How Messrs. McDonagh’s and Eliopoulos’ previous positions will be filled depends on what happens regarding the system’s search for a permanent CIO, Mr. DeAnda said. “It’s going to be kind of a chain reaction,” he said, noting it’s possible that one or both men might return to their prior roles if an external CIO is selected.