The California Public Employees' Retirement System said Monday that its chief investment officer, Ted Eliopoulos, is leaving what is the largest U.S. public pension to be closer to his family on the East Coast.
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He will remain in the role until a replacement is named and assist in the transition through the end of 2018.
"With two daughters in college, and one with health considerations that require my wife and me to be within reasonable distance, we have decided to relocate to New York City where they both will be in school," said Eliopoulos in a statement. "Due to this fact, I will be stepping away from Calpers by the beginning of 2019."
After serving as chief deputy treasurer for California, he joined Calpers in 2007 and oversaw its real estate portfolio as the U.S. housing market collapsed. He became acting investment chief in early 2014 and assumed the post on a permanent basis later that year. Under Eliopoulos, all of the hedge fund holdings were sold, The Wall Street Journal reported.
In July, according to Reuters, Capers reported a preliminary 11.2% net return on investments for the year that ended June 30, up from the prior return of 0.6%, as equities rallied.
Calpers is responsible for benefits to more than 1.9 million active or retired police officers, firefighters and other public employees, according to the Journal.