Eric Baggesen was promoted to senior investment officer for asset allocation and risk management at CalPERS, according to a news release. Mr. Baggesen had been serving as the interim SIO in that role.
Mr. Baggesen replaces Farouki Majeed, who left CalPERS in July 2012 to serve as director of investments of the $11.4 billion Ohio School Employees' Retirement System, Columbus.
The SIO position is considered the second most important in the investment office at the $259.8 billion California Public Employees' Retirement System, Sacramento, next to Chief Investment Officer Joseph Dear. Mr. Dear, who has prostate cancer, on June 15 handed over day-to-day responsibilities for the pension fund to Theodore Eliopoulos, the senior investment officer for real estate.
Mr. Baggesen will be ceding his additional responsibilities as senior investment officer for global equities to Dan Bienvenue, who currently serves as a senior portfolio manager in that asset class.
It is unclear whether CalPERS will be searching for a replacement for Mr. Bienvenue. Joe DeAnda, a spokesman for CalPERS, did not return phone calls or an e-mail by press time.
“Eric and Dan are proven team players who have the knowledge, philosophy and experience to help us achieve our investment objectives and portfolio for growth,” Mr. Dear said in the release.