CalPERS has lost its third portfolio manager in a month—the fund’s senior real estate portfolio manager, James G. Lasher, has resigned.
Lasher’s resignation follows those of two senior portfolio managers in the California Public Employees' Retirement System's $47.5 billion alternative investment program—Joncarlo Mark and Michael Dutton.
Clark McKinley, spokesman for the $226.5 billion system, confirmed the latest departure for Pensions&Investments and said it was effective Friday.
Lasher had been with CalPERS for two years and managed investments in 20 residential investment funds.
McKinley told P&I the housing portfolio will play a less important role as the California retirement system winds down non-core investments as part of its new real estate strategy.
P&I quotes unidentified sources as saying Lasher was upset by the growing influence of consultants over the direction of CalPERS’ real estate portfolio.