(Bloomberg) -- The California Public Employees’ Retirement System said Chief Investment Officer Nicole Musicco will step down this month, less than two years after she joined the largest US public pension fund.
Mussico will leave her position at CalPERS Sept. 29th after roughly a year in the role to focus on her family in her native Toronto, according to a statement on Friday from Calpers.
She joined Calpers early last year to replace Ben Meng, who abruptly departed in August 2020 amid a controversy over his disclosures and personal investments. The pension fund found that Meng approved an investment into a private-equity fund managed by Blackstone Inc. at the same time he held Blackstone shares.
Musicco oversaw about 400 employees and managed an investment portfolio of about $500 billion. Previously, she was a partner at RedBird Capital Partners, where she led the firm’s Canadian investment business.
Her departure marks the loss of a high-profile female investing chief. Musicco led the charge on a commitment by the pension to invest $1 billion in emerging and diverse managers in private markets.
Deputy Chief Investment Officer Dan Bienvenue, who has been with Calpers since 2004, will serve as interim chief, according to the release.
The fund reported a preliminary return of 5.8% for the fiscal year ended June 30, below the fund’s 10-year average of 7.1% and slightly below the California State Teachers Retirement System, which returned 6.3%.
(Updates with returns in last paragraph and additional context throughout.)
©2023 Bloomberg L.P.
