CalPERS names Ben Meng as new CIO

The $360 billion California Public Employees’ Retirement System has named Yu Ben Meng as the pension  fund’s new CIO.

Meng is returning to CalPERS to assume the CIO role and will report to CalPERS’ CEO Marcie Frost.

Meng, a United States citizen born in China, will oversee an investment office of nearly 400 employees and be responsible for investment policies, risk management, corporate governance standards, and environmental, social, and governance strategies.  He will implement the asset allocation set by the CalPERS board, and manage a $360 billion investment portfolio comprising public and private investments. A start date has yet to be determined.

Meng, 48, is returning to CalPERS after serving as the deputy CIO at the State Administration of Foreign Exchange (SAFE) for the past three years.

Prior to SAFE, Meng was at CalPERS for seven years with his last role as the investment director of asset allocation. He also was a portfolio manager in fixed income.

Before joining CalPERS in 2008, Meng worked at Barclays Global Investors as a senior portfolio manager, Lehman Brothers as a risk officer, and Morgan Stanley as a fixed-income trader.

He holds a master’s degree in financial engineering from the Haas School of Business at the University of California, Berkeley, and a doctorate in civil engineering from the University of California, Davis. He also serves as an associate editor for the Journal of Investment Management.

Meng replaces Ted Eliopoulos, who is leaving CalPERS to relocate to New York.

Korn Ferry, a global recruitment firm, assisted in the search for the position.