CalPERS Hedge Fund Chief To Join Ascent

Jul 28 2011 | 11:17am ET

Kurt Silberstein has resigned as head of the California Public Employees' Retirement System's hedge fund program.

Silberstein, who worked at the nation's largest public pension plan for more than 11 years, has agreed to join Ascent Private Capital Management, U.S. Bank's ultra high-net worth private banking and family office business, as managing director in its San Francisco office. In his new job, which begins on Aug. 8, Silbertstein will serve as head of alternative investments, seeking out investment opportunities and performing due-diligence for Ascent clients.

"Kurt’s experience as an institutional investor makes him well suited for this position, which will have a distinctly institutional orientation,” new boss Dan Rauchle, Ascent chief investment officer, said. “Kurt is recognized as an industry leader in institutional portfolio design and implementation, as well as in manager-relationship innovation. Additionally, he has significant experience in building and managing investment teams."

At CalPERS, Silberstein was senior portfolio manager for global equities, overseeing the pension's $25 billion hedge fund portfolio and designing its $5.5 billion multi-strategy portfolio. Successful though he was, Silberstein's tenure was not untroubled: He was suspended and saw his pay docked in 2009 after CalPERS found that it had improperly paid two hedge funds $36 million without a contract.

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