Ben Meng, CIO of the $389 billion California Public Employees' Retirement System (CalPERS), said on Aug. 5 that he would resign, effective that day.
Meng served less than two years in the role, having started in January 2019. During that time, the Sacramento pension fund clocked a 4.7 percent return for fiscal year 2019–2020, surpassing its 4.3 percent benchmark during a time of extreme financial market volatility caused by the coronavirus pandemic.
“I deeply believe in the CalPERS mission of serving those who serve California,” said Meng in a statement. “I’m proud of the work we did to change the portfolio, build a skilled Investment Office, and set CalPERS on a strong path to achieve our return target. But at this time, it’s important for me to
