Scott Chan, chief investment officer at the $7.7 billion Sacramento County (Calif.) Employees' Retirement System, has been named senior managing director of public equities in the University of California's investment office.
Mr. Chan will manage a portfolio of more than $30 billion, about one-third of the $90 billion in assets in the university's endowment, foundation and operational pools, CIO Jagdeep Singh Bachher said in an interview.
Mr. Chan replaces William Coaker Jr., who left in January 2014 to become CIO of the $19.9 billion San Francisco City & County Employees' Retirement System. Portfolio officer Paul Tang, who has served as interim senior managing director of equities, will take on the new post of deputy equities director, Mr. Bachher said.
Mr. Bachher also said he has promoted real estate specialist Cay Sison to director from investment officer. Ms. Sison will help manage the system's $3 billion real estate portfolio; there are no plans to fill her old position.
The changes are the latest in a restructuring effort by Mr. Bachher, who has hired or moved at least 14 employees to new positions in his nine-month tenure at the university and several other employees have left.
Mr. Chan will take over an equities portfolio that has been the subject of a major restructuring under Mr. Bachher. The number of equity managers has been reduced to 40 from 70 because of concerns that the system was paying excessive fees and owned too many securities, Mr. Bachher said.
Mr. Chan is scheduled to start his job Feb. 17.
Richard Stensrud, the Sacramento County pension fund's CEO did not return a phone call about plans to replace Mr. Chan, or who would fill his role in the interim.
