CalPERS Appoints New Deputy CIO for Total Portfolio Strategy

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The California Public Employees’ Retirement System (CalPERS) has appointed an internal director of global equities to take over as deputy director of investments in total portfolio strategy.

On Monday, Dan Bienvenue began overseeing the fund’s total investment and operational strategy, one of two newly created DCIO positions at CalPERS, as he makes aggressive changes to its equity program. The 16-year-old veteran will report directly to the IOC Yu Ben Meng.

The new leadership setup was approved by the CalPERS board in September, when it reviewed three new deputy chief positions which were then reduced to two. Another DCIO position overseeing Growth Assets has yet to be filled, although it has drawn more than 200 applicants to LinkedIn since it was published more than three weeks ago.

Prior to his appointment, Bienvenue was both the Interim Director of Operational Investments and the Managing Director of Global Equity Investments. According to his LinkedIn profile, Bienvenue was responsible for a global equity portfolio of approximately $ 170 billion, or just under half of the total fund of $ 397 billion, and oversaw a team of 60 people within the investment team.

As DCIO, Bienvenue will support the business management needs of the investment team, as well as strategic planning, financial reporting, expense management and talent management.

In the past, he has also held other leadership roles within the CalPERS investment team, including portfolio manager and senior internal equity portfolio manager. Prior to CalPERS, Bienvenue was a Senior and Senior Portfolio Manager at Barclays Global Investors and led an international equity portfolio management team.

The appointment comes as CalPERS is making other aggressive changes to its organization, including reducing its allocation to outside managers to $ 5.5 billion, from $ 33.6 billion last year. Top fund managers, such as JP Morgan, Fidelity and Allianz, have lost business with the fund.

The fund has also recently been criticized by anti-Chinese advocates for its international investments. In February, a US lawmaker called for the removal of Meng, a Chinese-born US citizen who worked for the Beijing State Exchange Administration.

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Tags: CalPERS, employee benefits, investment, retirement, retirement

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Don F. Davis

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