CalPERS Real Estate Portfolio Manager Quits

Feb 18 2011 | 8:46am ET

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.


In Depth

Dillon Eustace: The Advantages of ICAVs

Feb 11 2016 | 7:51pm ET

As the growth of alternative investment vehicles continues, global asset managers...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedging Against Reputational Risk in the 21st Century

Feb 12 2016 | 7:18pm ET

For investors, the first step in researching a new fund or manager is to google...