Nicole Musicco is stepping down as the CIO of the California Public Employees’ Retirement System (CalPERS) to focus more on the immediate needs of her family in Toronto.
Musicco joined CalPERS in the spring of 2022 and “brought to her work the vision and the values that we needed, the kind of approach that added real clarity and strength to our investing,” said CalPERS CEO Marcie Frost.
Dan Bienvenue, CalPERS’s deputy CIO, will serve as the interim CIO. Bienvenue joined the CalPERS team in 2004 and has held several leadership positions in the investment office. Before joining CalPERS, he was a principal and senior portfolio manager with Barclays Global Investors, where he led an international equity portfolio management team that oversaw $55 billion in capital.
Musicco is only the second woman to have led CalPERS’ investment operations. In her time at CalPERS, she led efforts to evolve and accelerate programs aimed at private-market investing, includin
