Stephen Gilmore has been selected by the California Public Employees’ Retirement System (CalPERS) as its next chief investment officer. He will assume the role in July.
Gilmore has an investment career of 40 years and most recently has been serving as the chief investment officer of the New Zealand Supperannuation Fund (NZ Super Fund), a sovereign wealth fund owned by the New Zealand government and valued at more than NZD $73 billion ($43.5 billion).
During his five years at NZ Super Fund, it was the best-performing sovereign fund in the world, with annualized returns of more than 12 percent a year during the past decade.
“Stephen has worked in very public roles during his career for organizations where transparency and resiliency are essential,” said CalPERS Chief Executive Officer Marcie Frost. “He brings not only a wealth of investing knowledge to the job, but he also has the temperament to understand the needs of our members and public sector employe