Champion Of Hedge Fund Exit Plan To Lead CalPERS

Sep 18 2014 | 7:08am ET

One of the main proponents behind the California Public Employees’ Retirement System’s decision to abandon hedge funds has been named its new chief investment officer.

Ted Eliopoulos has served as interim CIO since the death of his predecessor, Joseph Dear, in February. He immediately began the review of CalPERS’ hedge fund investments that led to this week’s decision to redeem its entire $4 billion investment in the asset class over the next year.

“Hedge funds are certainly a viable strategy for some, but at the end of the day, when judged against their complexity, cost and the lack of ability to scale at CalPERS’ size, the [Absolute Return Strategies] program is no longer warranted.” CalPERS has nearly $300 billion in assets under management.

Prior to taking over for Dear, Eliopoulos was head of CalPERS’ real-asset portfolio. He joined CalPERS in 2007, after a stint as California’s deputy treasurer and chief deputy treasurer, in which roles he served on the pension’s board.

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