Curtis Ishii, managing investment director, fixed income, at the $351.5 billion California Public Employees' Retirement System, Sacramento, is retiring, said Theodore Eliopoulos, chief investment officer, at CalPERS' investment committee meeting Monday.
Mr. Ishii's last full day in the office will be May 8, but his retirement date will be in July and he will be available as needed during the transition, Mr. Eliopoulos said. Arnie Phillips, senior portfolio manager, will act as the interim investment director. CalPERS staff will immediately launch a search for a permanent replacement, Mr. Eliopoulos said.
Mr. Eliopoulos thanked Mr. Ishii for his 40 years of service. He noted that in the 20 years Mr. Ishii has led the global fixed-income program, the portfolio has returned an annualized 6.25%, exceeding its annual benchmark by 58 basis points over the time period. The portfolio had $68.3 billion in assets as of Feb. 28.
"He's built a bottom-up fundamental active portfolio stacked with people of talent," Mr. Eliopoulos said.